Ryan Specialty Group price target raised to $45 from $44 at Citi

Citi raised the firm’s price target on Ryan Specialty Group to $45 from $44 and keeps a Neutral rating on the shares ahead of the Q1 results. The analyst continues to favor property and casualty brokers for their relative lack of balance sheet risk versus underwriters. In commercial lines, the firm points to property pricing firmness and reserve adequacy. In personal lines, Citi is incrementally cautious on auto given the persistence of volatility in loss trends evidenced by recent misses.