EverQuote price target raised to $25 from $15 at Needham

Needham raised the firm’s price target on EverQuote to $25 from $15 and keeps a Buy rating on the shares. The company’s Q4 results came in above expectations on all fronts as insurance carrier ad spend showed signs of improvement and the favorable advertising environment and cost management efforts drove better than expected Variable Marketing Margin and EBITDA, the analyst tells investors in a research note. The management is withholding FY24 guidance, but the Q1 outlook was above consensus and calls for continued recovery as carriers are reactivating marketing campaigns and increasing ad budgets to acquire customers, the firm added.