Citi analyst Michael Ward upgraded Brown & Brown to Buy from Neutral with a price target of $69, up from $62. The analyst continues to favor property and casualty brokers for their "relative lack of balance sheet risk" versus underwriters. Brown & Brown’s recent "idiosyncratic challenges" from tough comps in employee benefits, dealer services headwinds, and Hurricane Ian disruption have set it up for organic growth upside, with current Street estimates discounting its near term growth power compared to peers, the analyst tells investors in a research note. The firm believes current consensus estimates are conservative.
Published first on TheFly
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