Buy Rating for Baldwin Insurance Group: Improved Outlook and Competitive Valuation

William Blair analyst Adam Klauber has maintained their bullish stance on BWIN stock, giving a Buy rating on March 27.

Adam Klauber has given his Buy rating due to a combination of factors that suggest an improved outlook for Baldwin Insurance Group. The company has recently seen enhancements in its setup, which are expected to drive outperformance in 2025 and beyond. Although Baldwin has faced challenges, such as downward EBITDA revisions and uncertainties from changes in its capacity arrangement for retail programs, these issues are largely resolved with alternative capacity secured.
Looking forward, the expectations for 2025 are considered achievable, with potential for modest upside. This is supported by structural advantages that continue to benefit Baldwin’s unique retail platform. The stock is trading at 20 times its 2026 EV/EBITDA, which is competitive compared to other high-growth alternatives, making it an attractive investment opportunity.

In another report released on March 27, BMO Capital also initiated coverage with a Buy rating on the stock with a $53.00 price target.