Truist Securities analyst Mark Hughes downgraded Arthur J. Gallagher & Co. (NYSE:AJG) to Hold from Buy and lowered the price target to $255 from $280. The re-rating is based on the recent industry data points (namely the E&S state results and MarketScout survey), expected to increase the potential for a sharper downshift in the P&C cycle, which would have a knock-on effect on organic growth of the company. In particular, E&S premium growth decelerated sharply in the first quarter to up 7% (from +20% in the fourth quarter), with a negative result in ...