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Ryan Specialty initiated with a Buy at BofA

BofA initiated coverage of Ryan Specialty with a Buy rating and $67 price target. The stock has traded at a premium to the insurance brokers given Ryan’s double-digit organic growth profile and leading position in the “rapidly expanding” excess and surplus market, the analyst tells investors in a research note. The firm thinks the company’s above-average growth profile is more sustainable than the stock’s current valuation implies.

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