JMP Securities analyst Andrew Boone upgraded LegalZoom to Outperform from Market Perform with a $14 price target, which represents 51% upside. The company has fully rolled out "free" in its marketing, which can accelerate share gains through 2023, the analyst tells investors in a research note. The firm believes the shares can rerate as LegalZoom’s revenue growth accelerates given increased market share and a "stickier, rebuilt" LZ Tax product. Th stock’s valuation has yet to factor in LegalZoom’s improved competitive position, JMP contends.
Published first on TheFly
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