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UPDATE: Sterne Agee Upgrades Brown & Brown to Buy on Organic Growth, Valuation

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Sterne Agee raised its rating on Brown & Brown (NYSE: BRO) from Neutral to Buy and increased its price target from $30 to $31.

Sterne Agee commented, "BRO's organic growth should continue to benefit from P&C rate increases (could see further benefit off Hurricane Sandy losses) and improving economic comparisons. While margin expansion has lagged organic improvement, we feel margins will expand in 2013 as organic accelerates & investments into the business moderate. Given significant balance sheet flexibility, M&A will also remain a key driver. With valuation attractive given our earnings growth outlook, we are upgrading to Buy."

Brown & Brown closed at $25.65 on Friday.

Latest Ratings for BRO

DateFirmActionFromTo
Oct 2014BarclaysMaintainsOverweight
Jul 2014Deutsche BankMaintainsBuy
Jul 2014MacquarieMaintainsNeutral

View More Analyst Ratings for BRO
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Posted-In: Sterne AgeeAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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