** BMO Capital Markets starts coverage on insurance distribution firm Baldwin Group's BWIN.O shares with "outperform" rating and $53 PT
** New PT represents 18% upside to stock's last close
** BMO says Baldwin Group's smaller size and presence in both commercial and personal segments enables it to execute on M&A opportunities that are accretive
** Brokerage expects company to win more M&A in 2026 and beyond owing to its improved free cash flow generation and stronger leverage position
** 6 of 9 brokerages rate the stock "buy" or higher, 2 "hold" and 1 "sell" or lower; median PT $51.50 - LSEG
** Company's shares up 15% so far this year
(Reporting by Kanchana Chakravarty in Bengaluru)
((Kanchana.Chakravarty@thomsonreuters.com))
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