JPMorgan analyst Jimmy Bhullar downgraded Baldwin Group (BWIN) to Neutral from Overweight with a price target of $45, up from $39. There is is more risk to the company’s fundamental outlook than previously given the current macro backdrop, and the stock’s risk/reward seems more balanced at the current price, the analyst tells investors in a research note. Longer term, the firm remains upbeat about Baldwin’s prospects.
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