Risk Reward Update

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M

Update

July 31, 2026 04:22 PM GMT

Ryan Specialty Holdings Inc | North America

Morgan Stanley & Co. LLC

Bob Jian Huang

Equity Analyst

Risk Reward Update

Ryan Specialty Holdings Inc (RYAN.N, RYAN US)

What’s Changed

Ryan Specialty Holdings Inc (RYAN.N)

From

To

Price Target

$42.00

$48.00

Bull Case

$61.00

$66.00

Base Case

$42.00

$48.00

Bear Case

$24.00

$27.00

Updated Components

EPS

Bull Base Bear Scenarios

Risk Reward for Ryan Specialty Holdings Inc (RYAN.N) has been

updated

Insurance - Property & Casualty | United States of

America

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

Fiscal Year Ending

EPS ($)**

Prior EPS ($)**

Overweight

Attractive

$48.00

$44.09

$61.85-29.28

12/25 12/26e 12/27e 12/28e

1.96

2.12

1.98

2.34

2.22

2.57

2.49

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Reason for change

We update our model to incorporate the latest 2Q26 results and management

commentary from the earnings call. We slightly increase adj. EBITDA margins based

on updated guidance, and raise share repurchases. Our 2026e/2027e EPS change by

~7%/5%, to $2.12/$2.34. We adjust our PT to $48/shr, as we mark our peer multiples

to the market, and our PT implies a 15.5x 2027e EV/EBITDA valuation.

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