Piper Sandler raised the firm’s price target on Lemonade (LMND) to $60 from $55 and keeps a Neutral rating on the shares. The firm cites increased interest in AI and this is the name to play for the long-term for that. Piper also points out that this is a growth name, which suggests the potential for a true network effect, and notes profitability has improved. On the flip side, the firm acknowledges there has been increased risk exposure, and there is a reliance on direct-to-consumer in a country slow to adopt DTC for insurance purchasing needs historically.
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