Brown & Brown price target lowered to $105 from $109 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Brown & Brown to $105 from $109 and keeps an Equal Weight rating on the shares. The firm is updating its price targets on Property & Casualty Insurance stocks under its coverage following Q2 results, the analyst tells investors. Themes across the P&C insurance sector include: increased competition in the personal auto insurance market; cautious optimism over growth opportunities in commercial lines; softened reinsurance pricing through mid-year renewals; and in-line Q2 results delivered by brokers, the analyst tells investors.