EverQuote price target raised to $25 from $13 at JPMorgan

JPMorgan analyst Cory Carpenter raised the firm’s price target on EverQuote to $25 from $13 and keeps an Overweight rating on the shares. The company reported Q4 revenue and adjusted EBITDA above the high-end of the outlook and guided Q1 well ahead of the Street, the analyst tells investors in a research note. The analyst believes Progressive is driving the bulk of higher spend thus far, but says other carriers are starting to ramp, which increases its confidence in sustainability and suggests there is still significant room for carrier spend to increase as the recovery broadens. JPMorgan reiterates EverQuote as a top pick.