Citizens initiated coverage on Brown & Brown Inc. (NYSE:BRO) with a Market Outperform rating and a $70 price target.
The target is based on 14 times the 2027 EPS estimate and 12 times 2027 EV/EBITDA.
Founded in 1939, Brown & Brown is a global insurance brokerage with a decentralized sales model.
Citizens expects near-term cyclical softness but sequential improvement throughout the year.
Shares trade at 12 times 2027 EPS and 10 times EV/EBITDA, below peer medians.
