B. Riley resumed coverage of EverQuote with a Buy rating and $24 price target. Considering easing inflationary pressures, coupled with an increasing number of carriers achieving or on track to achieve profitability targets, the firm believes 2024 is shaping up to be a year of renewed marketing spending for carriers and it believes that “the leaner and more focused” EverQuote appears well positioned to capture its fair share of renewed carrier marketing spending, driving strengthening revenue growth and adjusted EBITDA leverage in FY24 and FY25.
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