William Blair downgraded BRP Group to Market Perform from Outperform without a price target. While BRP "appears to be building a high-quality middle-market broker," a lack of progress in key operating metrics has lowered near-term conviction in the stock, the analyst tells investors in a research note. The firm says the company’s recent results indicate little near-term margin improvement, below-average cash flow conversion, and increasing demands on cash. Blair looks for more progress, particularly on cash flow generation, to be more constructive on the stock.
Published first on TheFly
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