Brown & Brown price target raised to $108 from $105 at BofA

BofA raised the firm’s price target on Brown & Brown to $108 from $105 and keeps a Neutral rating on the shares after the company reported Q2 adjusted EPS that compares favorably to the firm’s forecast and consensus. Integrating results into the firm’s model, BofA’s EPS forecasts net increase on a higher organic growth outlook and higher investment income, partly offset by lower acquired revenues and lower modeled margin improvement in Programs and Wholesale.