Brown & Brown initiated with a Neutral at JPMorgan

JPMorgan initiated coverage of Brown & Brown with a Neutral rating and $91 price target The firm says Brown is one of the leading property and casualty and employee benefit brokers, with a “strong niche in the fragmented mid-market.” The analyst cites the company’s slow organic growth, integration risk related to the acquired Accession business, and relative valuation for the Neutral rating.