MediaAlpha price target raised to $18 from $12 at JPMorgan

JPMorgan raised the firm’s price target on MediaAlpha to $18 from $12 and keeps an Overweight rating on the shares. The company reported its first beat and raise quarter since the hard auto insurance cycle started in the second half of 2021, the analyst tells investors in a research note. The firm says Progressive made meaningful marketing increases at the end of Q4 and carrier marketing spend is expected to accelerate in Q1, with MediaAlpha guiding property and casualty transaction value to nearly double sequentially. It expects strong revenue and profit acceleration for the company in 2024.