Baldwin Group downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Baldwin Group (BWIN) to Market Perform from Outperform with a price target of $33, down from $38. The firm’s near-term organic estimates are below consensus and it sees potential risks to the company’s 2026 guidance. Baldwin’s headwinds from homebuilder-partial commission loss and commercial pricing will persist into Q2 of 2026, the analyst tells investors in a research note. BMO sees a mixed risk/reward at current share levels.