Brown & Brown (BRO) PT Lowered to $87 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Meyer Shields lowered the price target on Brown & Brown (NYSE: BRO) to $87.00 (from $104.00) while maintaining a Underperform rating.

The analyst commented, "We maintain our Underperform rating on BRO’s shares and lower our target price to $87 (18.5x our 2026E cash EPS) from $104 following its 2Q25 earnings report and conference call. We lower our 2025E/2026E/2027E cash EPS to $4.12/$4.70/$5.20 from $4.15/$4.75/$5.25, including the 2Q25 outperformance to our forecasts and assuming slower organic growth, higher interest expense, and higher share counts. We expect fading pricing-related tailwinds (including sustained property rate decreases and likely-steady casualty rate increases) to sustain pressure on the brokers’ organic growth rates and, hence, their multiples."

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