Wells Fargo Cuts AON Price Target to $323

Wells Fargo reaffirms its Overweight rating on Aon, setting a price target of $323 on October 12, 2026, a 11.34% upside from the current price.

By TradeTexts Research Desk · Published Oct 16, 2026, 2:05 PM EDT

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Wells Fargo cut its price target on Aon plc ($AON) to $323 from $383 on October 12, 2026, and rates the stock "Overweight".

Since the rating, $AON is up 6.5% to date (from the $274.78 close on Oct 12, 2026).

AON Aon plc

$292.55 -14.60% year to date

Daily close · Oct 16, 2026

Key Points

Wells Fargo reiterated its Overweight rating on Aon plc and set a price target of $323, down from $383.
Wells Fargo's $323 price target implies 11.34% upside from Aon plc's ($AON) current $290.10 share price.
Shares of Aon recently traded around $290.1, which is about 10.2% below the new target.
Other analysts have also maintained their ratings, with price targets ranging from $317 to $400.

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Wells Fargo has reiterated its Overweight rating on Aon plc (NYSE: AON), setting a new price target of $323 on October 12, 2026. This is a decrease from the previous target of $383. Aon shares were recently trading around $290.1, which is approximately 10.2% below the target set by Wells Fargo.

Other Institutional Activity in Aon

Several other institutional investors have also been active with Aon shares. Blackrock Inc. trimmed its holdings by 432,799 shares, ending with 15,716,429 shares worth about $4.6 billion. Meanwhile, Vanguard Capital Management LLC added 21,731 shares, bringing its total to 13,603,465 shares valued at approximately $4.0 billion. JPMorgan Chase & Co. increased its stake by 6,534,509 shares, holding a total of 12,175,974 shares worth about $3.6 billion. Capital World Investors also grew its position by 234,141 shares, totaling 11,711,650 shares valued at around $3.4 billion. Lastly, State Street Corporation added 196,379 shares, ending with 9,416,039 shares worth about $2.8 billion.

Aon plc Stock Down 1.9%

Aon shares have been performing below the new price target. They closed at $290.1, which is significantly lower than the target of $323 set by Wells Fargo. This trading level indicates that investors may see potential upside if the stock moves closer to the target in the future.

12-month forecast

$AON price target

Aon plc daily closes and this analyst's $323 target. Not advice.

Recent Earnings

For the trailing twelve months, Aon reported revenue of approximately $17.6 billion and earnings per share of $18.15. The company has shown a revenue growth rate of 2.2% year-over-year. Aon's next earnings report is scheduled for October 30, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

D- 36/100

Reported May 1, 2026

Forward outlook
3 target cuts vs 1 raises.
EPS & revenue
EPS met estimates. Revenue met estimates.
Profit surprise
EBITDA missed by 5 percent. Operating income missed by 9 percent.
Pre-earnings setup
Expectations were about average.
Analyst signal
1 target raise, 3 target cuts.
Earnings quality
Gross margin up 35.2 points. Operating margin up 5.0 points. Positive free cash flow.

Earnings Call Summary

Aon delivered strong first quarter results with 5 percent organic revenue growth and 14 percent adjusted earnings per share growth on slightly lower reported revenue of 5.03 billion dollars. Management highlighted broad-based strength in Commercial Risk, which grew 7 percent for the fourth consecutive quarter above 6 percent, driven by new hires in construction and data centers, plus strong retention in mid-90s. The company emphasized that artificial intelligence and advanced analytics are now driving both revenue gains and margin expansion through tools like Broker Copilot and Claims Copilot, with plans to invest 1.3 billion dollars in talent and technology through 2026.

Guidance Aon reaffirmed its full year target for mid-single-digit or better organic revenue growth and 70 to 80 basis points of operating margin expansion. The company expects continued momentum from new business wins, revenue-generating hires, and growing demand in data center and workforce solutions throughout 2026.

Very weak report. The release materially worsened the forward outlook.

Dividend

Aon pays an annual dividend rate of $3.28 per share, with a payout ratio of 16.8%. This reflects a commitment to returning value to shareholders while maintaining strong financial health.

Insider Buying and Selling at Aon plc

Insider activity has also been noted recently. Darren Zeidel, General Counsel, sold 600 shares at an average price of $360.00 on July 7, 2026, totaling $216,000. He also sold 1,950 shares valued at $725,500 on July 17, 2026, and another 1,900 shares for $717,750 on July 28, 2026. On September 2, 2026, Director Lester B. Knight III purchased 20,000 shares, valued at about $6.5 million.

Analysts Set New Price Targets

On October 7, 2026, Mizuho maintained an Outperform rating with a target of $324, down from $366. Barclays also maintained an Equal-Weight rating and set a target of $317, down from $382. Cantor Fitzgerald kept its Overweight rating with a target of $400, reduced from $433. Wells Fargo's recent action aligns with these trends, as it maintains an Overweight rating with a target of $323. Keefe, Bruyette & Woods also maintained its Outperform rating with a target of $342, down from $417.

About Aon

Aon plc is a professional services firm that operates globally in the insurance brokerage industry. The company provides risk management, insurance, and human capital solutions to clients across various sectors. This recent analyst activity reflects ongoing interest in Aon's performance and market position.

Bottom Line

Investors should watch for Aon's upcoming earnings report on October 30, 2026, and any further analyst updates that may arise. Wells Fargo's reiteration of its Overweight rating suggests a continued positive outlook, despite the lowered price target.