Keefe Bruyette downgraded Lemonade (LMND) to Underperform from Market Perform with a price target of $21, up from $18. The firm cites a mix of anticipating 2025 earnings guidance lower than expectations, the company’s “slow progress” on the cross-sale thesis, and valuation for the downgrade. The shares are up 56% since earnings last week, despite forward estimates remaining relatively unchanged, the analyst tells investors in a research note.
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