Goldman Sachs downgraded Ryan Specialty Group to Neutral from Buy with a price target of $53, down from $57. The analyst believes investors will be forward-looking with respect to the excess and surplus insurance cycle and that Street estimates now reflect greater near-term organic growth sustainability. The firm expects improving excess and surplus profitability and likely decelerating property pricing increases from 30% levels to drive slower growth for the industry, translating to lower commissions and fees growth for Ryan Specialty.
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