UPDATE: JPMorgan Downgrades MediaAlpha (MAX) to Neutral
Get Alerts MAX Hot Sheet
Rating Summary:
7 Buy, 2 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Join SI Premium – FREE
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.
You May Also Be Interested In
- Home Depot (HD) PT Raised to $360 at Telsey, 'in the long term, Home Depot should remain a winner in retail'
- Walt Disney (DIS) PT Raised to $145 at Needham
- 29Metals Ltd (29M:AU) PT Lowered to AUD0.50 at RBC Capital
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT Change, DowngradesRelated Entities
JPMorgan, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!