Truist analyst Mark Hughes raised the firm’s price target on Brown & Brown to $92 from $85 and keeps a Buy rating on the shares after its Q4 earnings beat. The company’s organic growth would have been 9.9%, 220 bps better than reported, but the management announced a change in reinsurance in the National Programs segment, which served to reduce revenue by $19M, the analyst tells investors in a research note. The new reinsurance program is expected to reduce volatility in 2024 however, with the new expected loss in a large storm seen at $15M-$20M rather than $25M previously, the firm added.
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