BRP downgraded to Equal Weight on slowing growth at Wells Fargo

Wells Fargo downgraded BRP Group to Equal Weight from Overweight with a price target of $24, down from $28. While the company’s Q3 report “was ok,” the Q4 outlook points to a slowdown on organic and EBITDA, the analyst tells investors in a research note. The firm cites the lower organic growth and EBITDA outlook for the downgrade. BRP’s Q4 organic growth is expected to be 12%-14%, slowing from 20% year-to-date, due to headwinds from lower contingents as well as lower construction and M&A activity, says Wells.