JPMorgan analyst Pablo Singzon upgraded BRP Group to Overweight from Neutral with a price target of $33, up from $27. The firm calls BRP its favorite smid-cap long in the group. Margins, earnings quality, and cash flow should improve as BRP exits the last stages of internal consolidation and evolves its strategy, with acquisitions being less of a driver and organic growth and margins taking more precedence, the analyst tells investors in a research note. The firm says BRP is well positioned to generate “differentiated” organic growth in 2024 and has significant runway for margin expansion longer term. The stock is attractively valued on 2026 free cash flow, according to JPMorgan.
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