Shares of insurance brokerage Brown & Brown fell 2.6% after Morgan Stanley downgraded the stock to Underweight from Equalweight and lowered its price target. The investment bank cited concerns about a potential reset in organic growth, a softer pricing cycle, and the company's sensitivity to the Florida property market, along with increased competition in the middle-market and an intensifying battle for talent. The downgrade overshadowed a price target increase from Barclays, which raised its target to $76 from $72. The stock was trading at $68.04, down 2.8% from the previous close.
Brown & Brown IncMorgan Stanley downgraded Brown & Brown to Underweight and lowered price target, citing growth and competition concerns.
Barclays PLC
Morgan Stanley