Porch Group price target raised to $5 from $3 at Craig-Hallum

Craig-Hallum analyst Jason Kreyer raised the firm’s price target on Porch Group to $5 from $3 and keeps a Buy rating on the shares. While vertical software remains challenged by low housing activity, Porch is benefiting from material rate increases in insurance, and given the company’s data advantage in underwriting, the firm sees Porch positioned to drive profitable growth long-term as investors await an expected reciprocal approval in 2H24, which represents a value unlock, the firm says.