Porch Group price target raised to $4 from $3 at Craig-Hallum
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Craig-Hallum analyst Jason Kreyer raised the firm’s price target on Porch Group (PRCH) to $4 from $3 to account for a higher multiple, while keeping a Buy rating on the shares. The firm notes Porch Group received approval from the Texas Department of Insurance for Porch Insurance Reciprocal Exchange, changing the structure of its insurance business. The result will be a more predictable insurance business, insulated from the volatility of catastrophic weather events that have plagued profitability in recent quarters, Craig-Hallum adds. While most details will be sparse before the company’s December analyst day, the firm is encouraged by the approval of a 20% take rate on gross written premiums, at the high-end of what it had expected.
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