Bank of America Securities downgraded shares of Marsh & McLennan Companies (MMC) and Brown & Brown (BRO) on Monday, despite both insurance brokers already underperforming compared to the broader stock market.
Following the downgrade, MMC shares dipped 1.1%, while BRO shares declined 3.2% in late morning trading.
This move highlights growing concerns from analysts about the outlook for these companies within the insurance brokerage sector.
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