Brown & Brown price target lowered to $80 from $82 at Barclays

Barclays analyst Alex Scott lowered the firm’s price target on Brown & Brown to $80 from $82 and keeps an Equal Weight rating on the shares. The insurance broker group has “derated sharply on fears of AI-driven disruption,” the analyst tells investors in a research note. Barclays views the selloff as overdone and believes current share multiples now “more than discount” slower growth while overlooking durability of the broker business model and AI’s potential to support productivity and margins. The analyst views AI as a “productivity enabler” for the brokers.