Ryan Specialty rises after BMO upgrades to 'outperform'

Ryan Specialty Holdings

24/09/2024 14:49

** Shares of insurance broker Ryan Specialty  RYAN.N  rise
3.9% to $66.64 in early trading
    ** BMO upgrades RYAN to "outperform" from "market perform";
raises PT to $75 from $65, a 17% upside to stock's last close
    ** Brokerage says ongoing investment in shifting work
process to lower-cost geographies, acquisition of high-margin
businesses and double-digit organic growth give RYAN a free
runway to continue expanding margins in coming quarters
    ** BMO notes that shifting work processes to lower-cost
geographies has been one of the biggest drivers of margin
improvement for many of RYAN's peers, including Arthur J.
Gallagher  AJG.N , which has more than 20% staff in India
    ** Six of 15 brokerages rate the stock "buy" or higher,
eight "hold" and one "sell"; their median PT is $68.50 - LSEG
data
    ** As of last close, RYAN shares up 49.7% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))