Brown & Brown price target lowered to $81 from $88 at BMO Capital

BMO Capital lowered the firm’s price target on Brown & Brown to $81 from $88 and keeps a Market Perform rating on the shares after its Q4 results. The stock screens as approaching an unchartered discounted valuation relative to its historical average on P/E relative to the S&P 500, but the firm does not currently see a positive catalyst that would get the stock to work in the very near term, the analyst tells investors in a research note.