Root upgraded to Overweight from Neutral at Cantor Fitzgerald

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.