Raymond James Downgrades Baldwin Insurance (BWIN) to Outperform

Raymond James analyst C. Gregory Peters downgraded Baldwin Insurance (NASDAQ: BWIN) from Strong Buy to Outperform with a price target of $40.00 (from $48.00).

The analyst comments: "While we believe there is a near-term valuation opportunity following the 17% sell-off yesterday after reporting 2Q25 earnings, the company’s near-term challenge of switching to the reciprocal exchange should continue to be a drag on consolidated organic growth and adjusted EPS through the 1H26 before potentially becoming a tailwind in 2H26. BWIN reported 11% organic revenue growth in 2Q25 compared with 19% in 2Q24, which included a solid rebound in IAS organic revenue (10% vs. 3% in 1Q25) and continued strength in UCTS (21% organic revenue growth vs. 32% in 1Q25), offset by flat organic revenue growth in MIS (0% vs. 10% in 1Q25). The IAS segment faced rate and exposure headwinds in 2Q25, reflecting the reduction in large cat-exposed property pricing and continued macro uncertainty. Sales velocity increased to 22% in 2Q25 compared with 14% in 1Q25, which represents top decile new business performance in the industry (median sales velocity of ~12%). Management does not anticipate the backdrop of rate and exposure headwinds to change in the near-term."

For an analyst ratings summary and ratings history on Baldwin Insurance click here. For more ratings news on Baldwin Insurance click here.

Shares of Baldwin Insurance closed at $30.39 yesterday.

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