Brown & Brown Gets Downgraded But Analyst Still Vouches For Long-Term Growth

Morgan Stanley analyst Bob Jian Huang downgraded Brown & Brown, Inc. (NYSE:BRO) to Equal-weight from Overweight and maintained a price forecast of $128.

The analyst writes that while he remains confident in Brown & Brown's long-term growth and margin potential, the strong year-to-date stock performance limits its attractiveness.

Meanwhile, the analyst notes that Brown & Brown's stock has risen ~16% year-to-date, making it the top performer among P&C brokers in the coverage, driven by strong fourth-quarter results, sustained momentum, and its defensive appeal in a ...