Wells downgrades Brown & Brown on slowing organic growth

Wells Fargo downgraded Brown & Brown to Equal Weight from Overweight with a price target of $101, down from $104. The company’s organic growth will be below peers in the near-term given its over-concentration to the south and property, the analyst tells investors in a research note. The firm says Brown reported weak organic growth in Q2 due to a deceleration in property rates, which picked up steam during the quarter. Wells now prefers the shares of brokers reporting stronger organic growth.