Deutsche Bank Downgrades Brown & Brown (BRO) to Hold

October 24, 2016 7:09 AM EDT
Get Alerts BRO Hot Sheet
Price: $43.43 -0.91%

Rating Summary:
    4 Buy, 13 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Deutsche Bank downgraded Brown & Brown (NYSE: BRO) from Buy to Hold with a price target of $40.

Analyst Joshua Shanker said, "Brown & Brown reported $0.52 of 3Q16 adj. earnings and 4.3% organic revenue growth, and margins, while contracting from 3Q15, were ahead of our forecast. Despite headwinds of weak P&C pricing, particularly with regard to coastal catastrophe-exposed property, a Brown & Brown specialty, the company has shown resiliency. Following stock performance of over 20% over the past year, there isn't enough upside to our target price to maintain our Buy rating and so we downgrade to Hold."

For an analyst ratings summary and ratings history on Brown & Brown click here. For more ratings news on Brown & Brown click here.

Shares of Brown & Brown closed at $37.62 yesterday.

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