Jefferies analyst Yaron Kinar downgraded Brown & Brown to Hold from Buy with a price target of $78, down from $85. The analyst expects the personal auto hard market to continue, reinsurance rates to flatten but remain robust, elevated liability loss trends and an increasingly likely soft landing to limit top line growth and further yield expansion. The firm is constructive on personal auto and Bermuda and less so on commercial and brokers. The rating change is part of Jefferies’ insurance 2024 outlook.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on BRO:
- Brown & Brown, Inc. announces 2023 fourth-quarter earnings release and conference call dates
- Brown & Brown, Inc. enters into agreement to acquire Caton-Hosey Insurance
- Brown & Brown to acquire Caton-Hosey Insurance, terms not disclosed
- Brown & Brown just downgraded at Keefe Bruyette, here’s why
- Brown & Brown initiated with neutral view at BofA, here’s why
