Brown & Brown upgraded to Buy at BofA following 26% selloff

As previously reported, BofA upgraded Brown & Brown to Buy from Neutral with a price target of $130, up from $126. Shares have fallen 26% since April 2, which represents “one of the most significant periods of snap underperformance” in the history of the stock, the analyst tells investors. The firm, which notes that its EPS forecasts run ahead of consensus, believes that Brown & Brown’s Q2 results have “reset the outlook to a more steady-state growth rate.”