BofA raised the firm’s price target on Ryan Specialty to $84 from $75 and keeps a Buy rating on the shares. Insurance brokers continue to be “generally upbeat” regarding 2024 organic growth guidance, says the analyst, who broadly expects large-cap broker organic growth to remain above average in Q3. However, the firm models the group’s underlying growth to gradually slow towards long-term averages over 2025-26, the analyst tells investors in a preview for the group. Target changes in the group reflect events occurring during the quarter and broad market P/E multiple expansion, the analyst noted.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RYAN:
- BMO upgrades Ryan Specialty to Outperform on EBITDA growth runway
- Ryan Specialty upgraded to Outperform from Market Perform at BMO Capital
- Ryan Specialty Group Plans Debt Refinancing and Offering
- Ryan Specialty initiated with an Overweight at Barclays
- Ryan Specialty signs agreement to acquire Property and Casualty MGUs