Ryan Specialty price target lowered to $66 from $70 at BMO Capital

BMO Capital lowered the firm’s price target on Ryan Specialty (RYAN) to $66 from $70 and keeps an Outperform rating on the shares. Despite the positive stock reaction to the company’s Q3 earnings beat, the firm’s estimates are moving lower as it embeds tempered margin expectations while seizing on hiring opportunities to underpin growth in a slowing overall environment and not fully run-rating the organic upside surprise, the analyst tells investors in a research note. In the near term, negative seasonality could cause growthy investors to react negatively, the firm added.