Raymond James analyst C. Gregory Peters downgraded Baldwin Group (BWIN) to Outperform from Strong Buy with a price target of $40, down from $48. The company’s challenge of switching to the reciprocal exchange should continue to weight on its organic growth and earnings through the first half of 2026 before potentially becoming a tailwind in the back half of next year, the analyst tells investors in a research note. However, the firm sees a valuation opportunity in the shares post the 17% earnings selloff yesterday.
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