EverQuote upgraded to Buy from Neutral at B. Riley

B. Riley upgraded EverQuote to Buy from Neutral with a price target of $14, up from $8. With inflationary pressures showing meaningful signs of abating and the recent cycle of rate hikes is bringing profitability targets within reach for a broad-based set of auto insurance carriers, the analyst tells investors in a research note. The firm says EverQuote’s management team expressed hopeful optimism on the Q3 earnings calls that 2024 is likely to be a year of recovery for both underwriting profitability and in turn, marketing expenditures. As such, Riley sees an increasingly favorable 12-month risk/ reward profile for the shares.