Ryan Specialty price target lowered to $45 from $52 at Barclays

Barclays lowered the firm’s price target on Ryan Specialty (RYAN) to $45 from $52 and keeps an Overweight rating on the shares. The insurance broker group has “derated sharply on fears of AI-driven disruption,” the analyst tells investors in a research note. Barclays views the selloff as overdone and believes current share multiples now “more than discount” slower growth while overlooking durability of the broker business model and AI’s potential to support productivity and margins. The analyst views AI as a “productivity enabler” for the brokers.