UPDATE: J.P. Morgan Upgrades Brown & Brown to Overweight, Raises PT

In a report issued earlier today, J.P. Morgan & Co. upgraded the rating for Brown & Brown Inc. BRO from Neutral to Overweight, and raised its price target from $26 to $30. J.P. Morgan said in the report “We believe the positive growth reported in 1Q (+90 bps) reflects the company's transition from cyclical contraction to expansion. Gains in pricing and low, but positive, US economic growth should further improve organic growth (to almost 4%) over the next few years, with all four of BRO's businesses contributing to the improvement.” Brown & Brown Inc. closed yesterday at $25.89.