Keefe Bruyette downgraded Brown & Brown to Market Perform from Outperform with a price target of $71, down from $78. The analyst says likely decelerating overall commercial insurance lines’ rate increases and likely slowing nominal GDP growth point to slowing brokerage organic revenue growth that will probably disappoint investors. The firm is bearish on insurance brokers going into 2024.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on BRO:
- Brown & Brown initiated with neutral view at BofA, here’s why
- Brown & Brown, Inc. enters into agreement to acquire Automotive Business Solutions
- Brown & Brown acquires Automotive Business Solutions
- Bridge Specialty Group announces appointment of Tim Coles as chief executive officer for European brokerage operations
- Brown & Brown price target raised to $30 from $28 at UBS