Brown & Brown downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Brown & Brown to Market Perform from Outperform with a price target of $88, down from $90. The firm sees consensus organic growth estimates for the company moving lower in 2026, which could serve as a “sentiment overhang” for the shares. Brown & Brown’s valuation is highly correlated to organic growth rates, and BMO’s 100 basis point below consensus organic growth forecast warrants a downgrade, the analyst tells investors in a research note. The firm believes the company is in a “talent war” against Howden and points out that an insurance publication has reported Brown & Brown was subject to a large team lift to a competitor.