Jefferies has moved its 12-month price target on Aon Corp to $408.00 from $413.00, while sustaining a Buy recommendation on the insurance brokerage. The $5 reduction follows Aon’s release of its 2026 guidance and aligns with the broader analyst community, which collectively points to an average price target implying roughly 14% upside and a range spanning $326 to $443.
Management’s guidance for 2026 calls for mid-single-digit or better organic revenue growth, alongside 70 to 80 basis points of adjusted operating margin improvement. Jefferies described that guidance as reasonable in light of Aon’s recent operating track record: revenue rose 9.45% over the last twelve months and the company has delivered a five-year compound annual growth rate of 9%.
In its analysis, Jefferies underscored pockets of strength within Aon’s business. The firm noted a supportive environment in the Commercial Risk Solutions segment, including demand from data center clients, and identified tailwinds for the Health segment even though that division missed on the quarterly results.
Jefferies also pointed out Aon’s updated expectations for cost savings under the Aon Accelerating Aon United program. While the company has increased the outlook for AAU savings, Jefferies emphasized that achieving those savings will require incremental spending.
Valuation assumptions remain central to Jefferies’ calculus. The firm continues to apply a 15.5x EBITDA multiple to Aon shares. Under that multiple, the new price target corresponds to an expected total return of about 17%. At present, Aon’s enterprise value to EBITDA sits at 15.65x, the price-to-earnings ratio is 20.54, and the PEG ratio stands at 0.56.
Recent company results and other analyst moves add context to the updated target. Aon reported fourth-quarter 2025 adjusted earnings per share of $4.85, topping the $4.75 forecast, while revenue came in at $4.3 billion versus an anticipated $4.38 billion. Separately, Wells Fargo reduced its price target on Aon to $443 from $448, retaining an Overweight rating after reviewing Aon’s 2026 guidance and projected adjusted EPS growth.
Taken together, Jefferies’ modest downward revision, the company’s guidance, recent quarterly results and the independent Wells Fargo adjustment give investors a clearer sense of Aon’s near-term financial trajectory and the assumptions that underlie analyst valuations.