Brown & Brown initiated with an Outperform at BMO Capital

BMO Capital analyst Michael Zaremski initiated coverage of Brown & Brown with an Outperform rating and $67 price target, calling it his top pick among brokers. Inflation is "a [commission-centric] insurance broker’s best friend," said Zaremski, who expects the company to be able to grow EPS and free cash flow by low double digits in 2023.