** Piper Sandler downgrades insurance broker Arthur J. Gallagher's AJG.N shares to "neutral" from "overweight"
** Cuts PT to $272 from $276, still a 3.8% upside to stock's last close
** Says long-term prospects for insurance brokers are excellent, but incrementally less optimistic in the near-term
** Adds segment underperformed property and casualty insurance carriers in 2025 after a long time; expects organic growth to continue decelerating through 2026
** 15 of 23 brokerages rate the stock "buy" or higher, 7 "hold" and 1 "sell"; median PT is $289 - LSEG
** As of last close, AJG down 4.9% in the past 12 months
(Reporting by Pragyan Kalita in Bengaluru)
((Pragyan.Kalita@thomsonreuters.com))
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