Deutsche Bank Downgrades Brown & Brown (BRO) to Hold
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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."
Shares of Brown & Brown closed at $37.62 yesterday.
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