Lemonade price target lowered to $19 from $20 at Piper Sandler

Piper Sandler analyst Arvind Ramnani lowered the firm’s price target on Lemonade to $19 from $20 and keeps a Neutral rating on the shares. Lemonade has built out its product offering in-line with its plan outlined in 2020, with the company now providing the "broadest product offering" among its peer group, Ramnani tells investors. However, the company has experienced an elevated loss ratio due to inflation. Ramnani expects 2023 to be a transition year as the company focuses on profitability metrics and cross-selling.