SunTrust analyst Mark Hughes kept his Buy rating and $32 price target on Brown & Brown after his travels with its management, saying the company CFO has highlighted the company's "leading position in the program management space" to investors. The analyst believes that in the National Programs division in particular, which accounts for a quarter of its revenue", Brown & Brown's captures up to 30% of earned premium vs. 10% normal commissions thanks to its broker partnerships. Hughes also sees "Insuretech" as a benefit to the company's National Programs, since "many of the new technology developments are targeting operational inefficiencies and should thus lower operating costs."