Ryan Specialty upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo upgraded Ryan Specialty (RYAN) to Overweight from Equal Weight with an unchanged price target of $60. The recent pullback in the shares puts Ryan’s valuation in-line with the rest of the brokerage group, the analyst tells investors in a research note. The firm believes the company’s organic growth and margins will continue to outpace a sector, warranting a premium valuation relative to peers.