J.P. Morgan Maintains Neutral on Brown & Brown

J.P. Morgan is out with its report today on Brown & Brown BRO, maintaining Neutral. In a note to clients, J.P. Morgan writes, "We believe challenging fundamentals in the small-to middle-market, despite stabilizing earnings, support a Neutral rating. Given the leverage the U.S. small-to middle-market has to unemployment trends, growth has lagged larger global markets over the past 3 years. We believe growth will remain somewhat anemic over the short-term as exposure growth tends to lag the economy and unemployment levels remain high, however, year-over-year trends should improve." J.P. Morgan maintains a $26 PT on BRO. At the time of posting, shares of BRO were trading pre-market at $23.45, down 1.64% from Monday's close.