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Brown & Brown downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Brown & Brown to Neutral from Buy with a price target of $119, down from $126. The firm expects the company’s organic growth to revert towards peer levels, which it believes could place some pressure on the stock’s premium valuation multiple. Goldman forecasts Brown & Brown’s organic growth normalizing to peer levels and sees near-to-medium-term headwinds in its fastest growing Programs Segment.

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