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UPDATE: JPMorgan Downgrades MediaAlpha (MAX) to Neutral

December 15, 2021 3:50 AM EST
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Price: $20.37 +1.85%

Rating Summary:
    7 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(Updated - December 15, 2021 4:45 AM EST)

JPMorgan analyst Cory Carpenter downgraded MediaAlpha (NYSE: MAX) from Overweight to Neutral with a price target of $16.00 (from $26.00).

The analyst comments "MediaAlpha is one of the largest online customer acquisition platforms in the insurance industry, with its tech platform facilitating 8M+ monthly consumer referrals across 1,000+ partners largely in P&C, Health, and Life insurance verticals. We believe MAX is well positioned for sustained 20%+ top-line growth over time, driven by the shift of customer acquisition spend online in the insurance industry (~20-25% online penetration), MAX’s differentiated B2B go-to-market strategy, strong insurance carrier relationships, and deep data integrations. MAX has been profitable since its third month and converts ~50%+ of Contribution into EBITDA. While MAX is our favorite name in the insurance lead gen sector, we are cautious on auto carrier customer acquisition spend as we enter a hard insurance cycle, which we expect to weigh on MAX results for at least the next few qtrs."

For an analyst ratings summary and ratings history on MediaAlpha click here. For more ratings news on MediaAlpha click here.

Shares of MediaAlpha closed at $15.02 yesterday.


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