Equal Weight -> Underweight
downgrade
$60 -> $55
Reason
Morgan Stanley analyst Bob Huang downgraded Brown & Brown to Underweight from Equal Weight with a price target of $55, down from $60. The firm sees more compelling risk/reward elsewhere, and expects relatively weaker organic growth as the insurance market softens, with greater exposure to property headwinds, Florida, and competitive pressures than peers, the analyst tells investors in a research note.
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