Citi raised the firm’s price target on Ryan Specialty to $62 from $56 and keeps a Buy rating on the shares as part of a Q2 preview for the insurance group. The analyst also opened a “90-day positive catalyst watch” on the shares. The firm believes insurance brokers as a group are set to benefit “from their relative safety due to continued difficult-to-predict challenges afflicting casualty underwriters.” In particular, Citi sees Ryan as a beneficiary given its focus on more specialty and complex coverages.
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