Lemonade price target raised to $14 from $13 at Morgan Stanley

Morgan Stanley analyst Bob Huang raised the firm’s price target on Lemonade to $14 from $13 and keeps an Underweight rating on the shares. While the company saw stronger than expected underwriting improvements and gave a stronger than expected outlook for 2024, the company’s path to profitability “remains somewhat long” and execution risk remains, the analyst tells investors. The firm sees better risk/reward elsewhere given the stock’s recent run up, the analyst added.