JPMorgan analyst Cory Carpenter upgraded MediaAlpha to Overweight from Neutral with a price target of $14, up from $12. The insurance lead generation sector is the analyst’s favorite across small and mid-cap internet stocks for 2023. Insurance lead generators should emerge from the equivalent of a "severe" recession from the second half of 2021 to 2022, and the weaker economic backdrop in 2023 could boost its recovery, Carpenter tells investors in a research note. The analyst says MediaAlpha and EverQuote are well positioned to reaccelerate growth through 2023 as carriers turn spend back on.
Published first on TheFly
