Brown & Brown price target lowered to $106 from $122 at BMO Capital

BMO Capital lowered the firm’s price target on Brown & Brown to $106 from $122 but keeps an Outperform rating on the shares after its Q2 results. Examining the company’s organic/margin/valuation history, the firm concludes that the market’s initial negative reaction is overdone from a fundamental perspective, the analyst tells investors in a research note.