JMP Securities lowered the firm’s price target on Hippo to $50 from $70 and keeps an Outperform rating on the shares. Hippo’s Q2 results beat on most core KPIs, but missed overall due to catastrophe losses, the analyst tells investors in a research note. The firm believes Hippo’s modern, proactive approach to coverage, alongside its omnichannel distribution and strong customer retention will result in strong growth for many years.
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