Porch Group Inc. (PRCH) PT Raised to $4 at Craig-Hallum

Craig-Hallum analyst Jason Kreyer raised the price target on Porch Group Inc. (NASDAQ: PRCH) to $4.00 (from $3.00) while maintaining a Buy rating.

The analyst commented: "Porch Group received approval from the Texas Department of Insurance (TDI) for Porch Insurance Reciprocal Exchange (PIRE), 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. While most details will be sparse before the company’s December analyst day, we are encouraged by the approval of a ~20% take rate on gross written premiums, at the high-end of what we had expected. With this major hurdle now in place, we see a more predictable and profitable Porch that should warrant a higher multiple as it progresses as a reciprocal exchange, thus we are increasing our price target to $4 to account for a higher multiple."

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