Brown & Brown (BRO) PT Lowered to $105 at Truist Securities

Truist Securities analyst Mark Hughes lowered the price target on Brown & Brown (NYSE: BRO) to $105.00 (from $114.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating on Brown & Brown based on our view that the commercial P&C market is on a much more even keel than is reflected in the current valuation – see our 1/13, 1/5 and 12/2 notes – and that BRO shares should be purchased now, when sentiment is still negative, especially around coastal property. We are reducing our price target to $105 from $114 based on valuation pressure across the P&C space; our target multiple is 16x our 2026 EBITDA estimate of $2.6 billion."

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