Ryan Specialty Group (RYAN) PT Raised to $55 at RBC Capital

RBC Capital analyst Mark Dwelle raised the price target on Ryan Specialty Group (NYSE: RYAN) to $55.00 (from $54.00) while maintaining a Sector Perform rating.

The analyst comments "Organic growth for Ryan tracked in the double digits for Q1 with strength across most areas of the platform. We continue to think E&S market conditions remain attractive and Ryan should remain a solid beneficiary. EBITDAC margins also showed a strong y/y improvement due in part to recent cost reduction actions. The cost savings targets from its recent program were lifted with much of the savings expected to fall to the bottom line. Guidance figures were reiterated. We expect Ryan to stay involved with M&A in the quarters ahead. Our Sector Perform rating is valuation driven."

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