BMO Capital analyst Michael Zaremski upgraded Ryan Specialty to Outperform from Market Perform with a price target of $75, up from $65. The firm increased EBITDA estimates by over 6% due to a combination of higher profit margin and accretive acquisition expectations. A combination of ongoing investment in lower-cost geography-based work, acquisition arbitrage by purchasing higher margin businesses, plus “healthy” double-digit organic growth appears to give Ryan a “fog-free runway” to continue expanding margins in the coming quarters, even when its formal expense program is exhausted in 2025, the analyst tells investors in a research note.
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