CCC Intelligent Solutions initiated with an Overweight at JPMorgan

JPMorgan analyst Alexei Gogolev initiated coverage of CCC Intelligent Solutions with an Overweight rating and $11 price target. CCC has been focused on the property and casualty insurance economy and has evolved into a multi-tenant, 100% software-as-a-service platform on which insurers can digitize their workflows, auto repairers can attract and manage repairs, and auto part suppliers can drive sales, the analyst tells investors in a research note. The firm says the company has a "resilient and highly profitable" business model.