2026Okt
BRO Oct 2026 · Buy
We reiterate our Buy rating on Brown & Brown Inc. (NYSE: BRO) with a fair value of $82.40 USD, representing 32.86% upside against the share price of $62.02 USD as of 2026-10-08. At 12.59x forward earnings, the market is applying an undue discount to Brown & Brown's asset-light business model, superior 27.4% operating margins, and visible top-line expansion from the transformational Accession acquisition. Despite cyclical softening in commercial property catastrophe pricing and elevated post-acquisition debt of $8.07B, Brown & Brown's strong cash flow conversion of 24% to 27% and defensive middle-market client base provide clear visibility toward sustained mid-to-high single-digit earnings compounding.Latest published research · analyzed 2026-10-08 · current · sources aging