Wells Fargo analyst Elyse Greenspan downgraded Baldwin Group (BWIN) to Underweight from Equal Weight with a price target of $41, down from $43. The firm expects EBITDA pressures in 2025 due to higher reinsurance costs, slowing organic growth in part due to rate and exposure headwinds, and lower margin expansion relative to peers. Baldwin is facing organic headwinds in 2025 in the form of lower rate and exposure in addition to a potential slowdown in growth in QBE sourced business, the analyst tells investors in a research note.
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