Brown & Brown price target raised to $116 from $112 at Truist

Truist analyst Mark Hughes raised the firm’s price target on Brown & Brown to $116 from $112 and keeps a Buy rating on the shares. The company’s operating backdrop appears to have been marginally less favorable in Q3, with Florida Surplus Index slowing in total premium and premium per policy, but while the hurricanes should soften EPS in the second half of the year, they should stiffen property rates and Florida construction, perhaps adding 50-100 bps to 2025 organic growth, the analyst tells investors in a research note. Truist further cites higher group valuations in revising its price target