Lemonade downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Jason Helfstein downgraded Lemonade to Perform from Outperform without a price target. The shares are up 67% from recent lows, driven by a short squeeze following the better Q3 and Q4 outlook, less weather impact and initial rate increases driving gross margin improvement, the analyst tells investors in a research note. The firm says that while the shares could test the recent July high of $24.08, the return to normal weather patterns in 2024 could pressure gross margins, particularly the March to June storm season. It cites valuation and the return to normal weather for the downgrade.