Lemonade price target raised to $16 from $14 at Jefferies

Jefferies analyst Yaron Kinar raised the firm’s price target on Lemonade to $16 from $14 and keeps an Underperform rating on the shares after its Q1 results. The company’s growth is set to ramp in the remainder of FY24 after more rate earns in and following higher growth spend, though its Q2 set-up looks challenging, the analyst tells investors in a research note. With growth expected to be weighted towards renters and pet insurance in 2024, 16 points of the firm’s expected 27% policies in force growth stems from customer count growth rather than PPC growth, the firm added.