EverQuote price target raised to $7 from $6 at B. Riley

B. Riley raised the firm’s price target on EverQuote to $7 from $6 and keeps a Neutral rating on the shares. Recent channel checks on insurance marketing spend suggest lead generaton spending levels have not seen a material increase or decrease since June, presenting little upside or downside risk to Q2 consensus estimates, the analyst tells investors in a research note. The firm says that although Q4 is always seasonally soft, it heard concerns around the potential for an especially weak Q4 with the potential for some carriers to entirely shut off lead generation spend entirely around the holiday season. To account for this uncertainty, Riley lowered 2024 estimates for EverQuote.