TD Cowen Rates Brown & Brown (BRO) Buy, $82 Price Target

TD Cowen has reiterated its Buy rating on Brown & Brown with a price target of $82, a 19.41% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:20 PM EDT

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TD Cowen rated Brown & Brown, Inc. ($BRO) "Buy" with a $82 price target on October 12, 2026.

Since the rating, $BRO is up 9.0% to date (from the $63.65 close on Oct 12, 2026).

BRO Brown & Brown, Inc.

$69.40 -9.92% year to date

Daily close · Oct 16, 2026

Key Points

TD Cowen maintains a Buy rating on Brown & Brown, Inc. with a target price of $82, effective October 12, 2026.
TD Cowen's $82 price target implies 19.41% upside from Brown & Brown, Inc.'s ($BRO) current $68.67 share price.
The stock is currently trading around $68.67, which is 16.3% below the analyst's target price.
Brown & Brown reported a robust revenue growth of 32.4% year-over-year, with next earnings scheduled for October 26, 2026.

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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Brown & Brown, Inc. alert may contain errors. Disclosures

TD Cowen has reiterated its Buy rating on Brown & Brown, Inc. (NYSE: BRO) with a price target of $82, effective October 12, 2026. This target suggests a significant upside potential, as the stock is currently trading at about $68.67, which is 16.3% below the target price.

Other Institutional Activity in Brown & Brown, Inc.

Several other institutional investors are also involved with Brown & Brown. Blackrock Inc. owns 22,113,344 shares, increasing its stake by 197,245 shares. Vanguard Capital Management LLC holds 18,941,212 shares, adding 20,812 shares recently. FMR, LLC has 18,405,749 shares after a notable increase of 2,354,690 shares. Principal Financial Group, Inc. owns 15,721,830 shares, with a slight increase of 112,388 shares, while Vanguard Portfolio Management LLC has 14,631,444 shares after gaining 45,217 shares.

Brown & Brown, Inc. Stock Up 5.6%

Currently, Brown & Brown shares are trading below the analyst's target price of $82. The stock's recent price of $68.67 indicates that it is positioned for potential growth if it approaches the target. This situation may attract investor interest given the company's strong revenue growth and performance metrics.

12-month forecast

$BRO price target

Brown & Brown, Inc. daily closes and this analyst's $82 target. Not advice.

Recent Earnings

In its most recent reporting period, Brown & Brown generated a revenue of approximately $6.66 billion, showing a year-over-year growth rate of 32.4%. The company's earnings per share (EPS) stands at $3.13, reflecting its profitability. The next earnings announcement is scheduled for October 26, 2026, which could provide further insights into its performance.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

F 30/100

Reported Apr 27, 2026

Forward outlook
6 target cuts vs 0 raises.
EPS & revenue
EPS beat estimates by 0.8%. Revenue missed estimates by 1.3%.
Profit surprise
EBITDA missed by 9 percent. Operating income missed by 4 percent.
Pre-earnings setup
Expectations were about average.
Analyst signal
1 upgrade, 6 target cuts.
Earnings quality
Gross margin up 1.6 points. Operating margin down 4.6 points. Positive free cash flow.

Earnings Call Summary

Brown & Brown delivered $1.9 billion in revenue with earnings per share of $1.39, beating expectations slightly despite missing on top-line. The first quarter was strong on margins at 38.5 percent and cash flow at $260 million, driven by large increases in contingent commissions of $54 million from strong underwriting performance. However, organic growth remained weak at only 2.2 percent including contingents and flat excluding them, hurt by property rates declining 15 to 35 percent and a shift in the pharmacy consulting business model. Management is integrating Accession, repositioning the Retail sales model for better specialization, and investing heavily in AI capabilities to improve customer experience and automate routine work, with early examples showing 25 percent of specialty submissions now processed by AI agents.

Guidance Management did not provide explicit full-year revenue or earnings guidance. They indicated organic growth should improve each quarter in 2026 compared to the first quarter, with back-half growth potentially reaching about 2.5 percent. Specialty Distribution is expected to be relatively flat in Q2 due to heavy property placements, then improve in the second half as the Accession business contributes.

Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.

Insider Buying and Selling at Brown & Brown, Inc.

Insider trading activity has been noted at Brown & Brown. Director H Palmer Proctor Jr purchased 2,000 shares at an average price of $57.10 on May 5, 2026, totaling $114,200. Another director, Joia M Johnson, bought 860 shares at an average price of $58.05 on June 9, 2026, for a total of $49,923.

Analysts Set New Price Targets

On October 12, 2026, TD Cowen initiated coverage with a Buy rating and a target of $82. Other firms have also recently maintained their ratings: Mizuho keeps an Outperform rating with a target of $78, while Barclays maintains an Equal-Weight rating with a target of $71. Wells Fargo also maintains an Equal-Weight rating with a target of $68, matching its previous target.

About Brown & Brown, Inc.

Brown & Brown, Inc. is a leading insurance broker that markets and sells various insurance products and services in the U.S. and abroad. The company operates through Retail and Specialty Distribution segments, providing a wide range of insurance solutions, including property and casualty insurance, employee benefits, and risk management services. This strong positioning in the insurance market is critical as it seeks to capitalize on growth opportunities.

Bottom Line

Investors should watch for Brown & Brown's upcoming earnings report on October 26, 2026, to gauge its continued growth trajectory. With a solid Buy rating from TD Cowen, the stock's performance in relation to its price target will be a key focus for market participants.