Ryan Specialty Group initiated with a Market Perform at JMP Securities

JMP Securities analyst Matthew Carletti initiated coverage of Ryan Specialty Group with a Market Perform rating and no price target. The analyst believe Ryan Specialty has both the macro tailwinds as well as the structure and strategy to drive “strong growth for the foreseeable future while at the same time producing attractive margins.” The shares deserve to trade at a premium multiple, which they currently do, the analyst tells investors in a research note. JMP does not believe the potential upside is sizable enough to support a higher rating.