Cantor Fitzgerald analyst Josh Siegler upgraded Root to Overweight from Neutral with a price target of $13, up from $9, following the company’s “stellar quarter.” The analyst is more constructive on Root’s outlook citing improved visibility to profitable growth. While the macro environment continued to act as a headwind, Root tightened its underwriting, achieved a best-in-class loss ratio, and demonstrated an ability to acquire substantial new policies at healthy loss ratios, the analyst tells investors in a research note. Cantor believes Root is well positioned to gain profitable market share in 2024 by continuing to execute on the strategy it has implemented over the last two quarters.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on ROOT:
- Root, Inc. Announces 2023 Fourth Quarter and Full Year Results
- Root promotes Bonakdarpour to President, CTO
- Matt Bonakdarpour Elevated to President and Chief Technology Officer at Root
- Root, Inc. Schedules Conference Call to Discuss 2023 Fourth Quarter and Full Year Financial Results
- Root initiated with a Market Perform at TD Cowen