Lemonade price target lowered to $10 from $14 at Jefferies

Jefferies lowered the firm’s price target on Lemonade to $10 from $14 and keeps an Underperform rating on the shares. In its Q3 earnings preview for the P&C Insurance/Insurtech group, the firm said it sees “upwards bias” to catastrophe-exposed names. In Personal, the firm expects year-over-year underlying underwriting improvement for Progressive (PGR) and Allstate (ALL) along with rate momentum, the analyst tells investors.