TWFG downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Pablo Singzon downgraded TWFG (TWFG) to Neutral from Overweight with a price target of $33, up from $30. While there are several sources of upside in TWFG’s operating model, including acquisitions and the revenue impact from recent organic agent hires, these are already adequately captured in the stock price, the analyst tells investors in a research note. However, the firm says TWFG’s concentrated geographic exposure and founder control are risks. It thinks the stock is close to fully valued.