Keefe Bruyette analyst Tommy McJoynt keeps an Outperform rating on Baldwin Group with a $26 price target after Insurance Insider reported the company hired an investment bank to advise on strategic options and is engaging with private equity investors to finance a take-private transaction. A 12-13 times enterprise value to adjusted EBITDA multiple, or $26 to $30 per share, is "supportable" based on Baldwin's above peer organic growth and private market multiples, the analyst tells investors in a research note. The stock in early trading is up 17%, or $3.45, to $23.69.
