Brown & Brown: Hold Rating Amidst Organic Growth Challenges and Margin PressuresWe assume margin declines modestly as cost synergies are offset by lower contingents and interest income. Potential for increased cash deployment on repurchases (enabled by a $1.5 billion authorization) could also add 1% to 2% upside. Reflecting slightly lowered organic growth and margin estimates, we lowered our 2026 cash EPS estimate to $4.66 (up 9% year-over-year) from $4.74. At 18 times 2026 P/E, Brown trades in line with peers, compared with its historical premium of a few turns. Despite this, we believe the stock is a wait-and-see story given a relatively weaker organic growth outlook over the next few quarters.