LendingTree upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded LendingTree to Outperform from Market Perform with a price target of $45, up from $24, implying 38% upside. The analyst sees a 2024 earnings recovery for LendingTree, led by a rebound in the company’s insurance segment, where it thinks guidance could be conservative. The firm also has increased conviction in LendingTree’s ability to efficiently address its convert maturity in the first half of 2024. While macro and convert execution risk provide a range of valuation scenarios, the stock’s risk/reward skews positive, the analyst tells investors in a research note.