Aon

AON · NYSE

$296.71+$6.97 (+2.41%)TodayMarket closed · Oct 20, 7:45 PM ET

Prev close $289.74

AON analyst rating

BuyConsensus of 15 analysts over the last 12 months. 73% rate it a buy.

Strong buy0
Buy11
Hold4
Underperform0
Sell0

12-month price target · 22 analysts

Average $389.43 (+31.2% upside)

Low: $266.64
Now: $296.71
High: $456.75

Upgrades and downgrades

The latest rating actions, newest first

AON analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 12, 2026	Maintains	Overweight	$383.00 → $323.00	60%
Keefe, Bruyette & Woods	Oct 12, 2026	Maintains	Outperform	$417.00 → $342.00	68%
Mizuho	Oct 7, 2026	Maintains	Outperform	$366.00 → $324.00	58%
Barclays	Oct 7, 2026	Maintains	Equal-Weight	$382.00 → $317.00	61%
Cantor Fitzgerald	Oct 7, 2026	Maintains	Overweight	$433.00 → $400.00	62%
Morgan Stanley	Oct 6, 2026	Maintains	Overweight	$410.00 → $350.00	58%
JP Morgan	Oct 1, 2026	Maintains	Overweight	$412.00 → $362.00	81%
Citigroup	Sep 21, 2026	Initiates	Buy	$435.00	59%
Mizuho	Sep 16, 2026	Maintains	Outperform	$398.00 → $366.00	58%
TD Cowen	Sep 14, 2026	Maintains	Buy	$416.00 → $420.00	54%

The case for and against

Updated Oct 21, 2026

Bull case

Aon is viewed positively because its brokerage-heavy model benefits from steady organic growth, persistent adjusted margin expansion, and disciplined expense management that has historically supported outperformance. The USI purchase strengthens scale in the middle-market commercial sector and is expected to contribute $400 million of synergies, including $49 million of net revenue synergies and $92 million of adjusted EBITDA synergies in 2027, rising to $321 million and $395 million run-rate, respectively. The outlook is further supported by stronger capital returns, as Aon has already exceeded its $1 billion FY26E share repurchase guidance, while slower revenue growth appears manageable given buybacks and debt reduction.

Bear case

Aon is facing a negative fundamental setup because the USI acquisition appears expensive at 22x EBITDA, well above Aon’s own 13x multiple and the 19x paid for NFP, making the deal immediately dilutive to adjusted EPS and likely delaying meaningful accretion until 2028. The transaction also lifts leverage from 2.8x to 4.5x, which will absorb free cash flow for deleveraging and likely force share repurchases to pause, undermining a capital-management story that investors once viewed as consistent. Beyond the deal, weaker economic conditions, slowing revenue growth, and sector-specific softness in key lines add pressure to earnings, while the stock’s 16.6x 2027E operating EPS valuation still leaves limited margin for error.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.