** Shares of insurance broker TWFG TWFG.O fall as much as 10%, last down 6.7% at $29.86
** TWFG late Wednesday reported Q4 results and unveiled its 2025 outlook
** BMO says TWFG's 2025 adj EBITDA margin forecast was well below expectations
** Adds that investors will be looking for clues on how growth in California, TWFG's second-largest state, could play out given a likely lack of product availability post-Los Angeles wildfires
** KBW echoes sentiment, says FY 2025 margin forecast was slightly lower than expected and could weigh on the stock
** Adds that acquisitions could meaningfully impact ultimate results depending on timing, given TWFG has a robust pipeline
** Five of nine brokerages rate the stock "buy" or higher and four "hold"; median PT is $34.50 — data compiled by LSEG
** Stock down 3% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com))
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