Baldwin Group price target raised to $59 from $50 at BofA

BofA raised the firm’s price target on Baldwin Group to $59 from $50 and keeps a Buy rating on the shares. Insurance brokers continue to be “generally upbeat” regarding 2024 organic growth guidance, says the analyst, who broadly expects large-cap broker organic growth to remain above average in Q3. However, the firm models the group’s underlying growth to gradually slow towards long-term averages over 2025-26, the analyst tells investors in a preview for the group. Target changes in the group reflect events occurring during the quarter and broad market P/E multiple expansion, the analyst noted.