Brown & Brown initiated with an Outperform at Citizens

Citizens analyst Matthew Carletti initiated coverage of Brown & Brown with an Outperform rating and $70 price target The firm sees the company posting “cyclically-soft” organic growth in the near term, but sees improvement in growth sequentially across the year. Brown’s margins should outperform peers due to its organizational structure and mix of business, the analyst tells investors in a research note. Citizens believes the company is well positioned in attractive markets.