TWFG Insurance (TWFG) PT Lowered to $23 at KBW

Keefe, Bruyette & Woods analyst Meyer Shields lowered the price target on TWFG Insurance (NASDAQ: TWFG) to $23.00 (from $25.00) while maintaining a Market Perform rating.

The analyst commented: "YTD Acquisitions Lift Estimates Modestly; We're raising our '26E/'27E estimates to incorporate the 1Q beat and the higher (and sooner) M&A contribution. We trim our target price to $23 (from $25) using 18x EV/AEBITDA on 2027E, a trimmed multiple accounting for sustained investor concerns on AI disintermediation as well as an anticipated stepdown in TWFG's organic growth rate later this year. While the stock's multiple trades below the broker group average on a growth-relative basis, we’re a little cautious on organic growth exiting 2026 and into early 2027 due to tough comps (prior periods featuring very strong contribution from the FL MGA’s non-recurring takeout activity). However, we still think the model can generate low-double-digits organic growth, warranting a premium multiple to large-cap broker names. Maintain Market Perform."

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