Brown & Brown

BRO · NYSE

$70.90+$1.68 (+2.43%)TodayMarket closed · Oct 20, 7:45 PM ET

Prev close $69.22

BRO analyst rating

HoldConsensus of 17 analysts over the last 12 months. 24% rate it a buy.

Strong buy0
Buy4
Hold12
Underperform1
Sell0

12-month price target · 20 analysts

Average $75.12 (+6.0% upside)

Low: $33.22
Now: $70.90
High: $94.50

Upgrades and downgrades

The latest rating actions, newest first

BRO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 12, 2026	Maintains	Equal-Weight	$69.00 → $68.00	60%
TD Cowen	Oct 12, 2026	Initiates	Buy	$82.00	54%
Citizens	Oct 12, 2026	Maintains	Market Outperform	$78.00 → $75.00	72%
Mizuho	Oct 7, 2026	Maintains	Outperform	$83.00 → $78.00	58%
Barclays	Oct 7, 2026	Maintains	Equal-Weight	$76.00 → $71.00	61%
Morgan Stanley	Oct 6, 2026	Maintains	Underweight	$60.00 → $55.00	49%
JP Morgan	Oct 1, 2026	Maintains	Neutral	$80.00 → $83.00	81%
Mizuho	Sep 16, 2026	Maintains	Outperform	$86.00 → $83.00	58%
Morgan Stanley	Aug 19, 2026	Maintains	Underweight	$56.00 → $60.00	49%
JP Morgan	Aug 3, 2026	Maintains	Neutral	$78.00 → $80.00	81%

The case for and against

Updated Oct 21, 2026

Bull case

Brown & Brown is supported by a durable brokerage franchise whose organic growth should improve as sharp property-rate pressure moderates, with Retail organic growth excluding contingents guided to 1.5-2.5% in 2H26 and Specialty Distribution expected to recover from a (2.7)% decline in 1H26 to 2-4% in 2H26. Accession strengthens the platform by expanding reach in agriculture, healthcare, private equity, reinsurance, and captives, while also targeting $150M of run-rate synergies by year-end 2028 and lifting adjusted EBITDAC margin to 37.2% in 1H26. The outlook is further reinforced by underused cross-sell and vertical-integration opportunities, a lowered integration burden, and meaningful buybacks that management views as a stronger capital use at current valuations.

Bear case

Brown & Brown is facing a negative fundamental setup because its commission-driven model is highly exposed to softening property pricing, with property-cat rates down 15%-35% and management already warning of a downward margin impact in 2026 as contingent commissions and excess cash benefits fade from 2025. Growth execution is also under strain, as five organic growth misses in six quarters, a 275-employee poaching episode that could hit 2026 revenue by $50-$60 million, and fierce talent competition all point to weaker operating momentum and credibility. Although adjusted net income is still projected at roughly $1.5 billion in 2026E and $1.58 billion in 2027E, the reliance on M&A, selectivity in mid-market competition, and slower economic growth leave the shares vulnerable.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.