EverQuote (EVER) PT Raised to $20 at Needham & Company

Needham & Company analyst Mayank Tandon raised the price target on EverQuote (NASDAQ: EVER) to $20.00 (from $13.00) while maintaining a Buy rating.

The analyst commented, "EVER reported impressive 2Q19 results, which handedly beat expectations on revenue, VMM, and EBITDA. Management also raised guidance on all metrics and expects to generate positive EBITDA in FY19 and subsequent years. With improving consumer and provider volume trends, the continued development of additional insurance verticals, and the benefits of secular tailwinds as insurance advertising spending shifting online, we believe EVER remains well-positioned to generate strong 20%+ top-line growth while steadily expanding EBITDA margins. We are reiterating our BUY rating and raising our target to $20 for a leading consumer insurance marketplace."

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