Brown & Brown price target lowered to $70 from $76 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Brown & Brown to $70 from $76 and keeps an Equal Weight rating on the shares. The firm adjusted target s in the property and casualty insurance group as part of a Q1 earnings preview. The sector’s solid underwriting will be offset by continued pricing softening, the analyst tells investors in a research note. Morgan Stanley remains “generally negative” on personal lines and says reinsurers “should maintain stability.”