JPMorgan analyst Pablo Singzon lowered the firm's price target on Baldwin Group to $25 from $28 and keeps a Neutral rating on the shares. The firm adjusted targets in the property and casualty space as part of a Q1 earnings preview. P&C brokerage multiples have traded off since early 2025 and are now approaching 2015-2016 levels, the analyst tells investors in a research note. JPMorgan says multiples "have pulled back enough to be more positive."
