Ryan Specialty price target lowered to $70 from $79 at Barclays

Barclays analyst Alex Scott lowered the firm’s price target on Ryan Specialty (RYAN) to $70 from $79 and keeps an Overweight rating on the shares as part of a Q3 earnings preview for the property and casualty insurance group. The setup for the sector remains largely consistent with the last quarter as pricing pressure across lines continues, the analyst tells investors in a research note. However, Barclays says the reduced volume of property catastrophe premiums renewing in Q3 “may offer a modest quarter-over-quarter reprieve.”