EverQuote price target raised to $15 from $10 at Needham

Needham raised the firm’s price target on EverQuote to $15 from $10 and keeps a Buy rating on the shares. The company’s business has been pressured over the past several quarters as insurance carriers have significantly pulled back on advertising spend due to profitability pressures in their respective businesses coming out of the pandemic, but while these trends have been persisting, the firm is optimistic that trends are set to improve in FY24, the analyst tells investors in a research note, noting Needham’s recent investor meetings with EverQuote management at the 26th Annual Needham Growth Conference.