Trupanion, Inc. (TRUP) PT Raised to $29 at Stifel as Pets Best Rolls Off Business

Stifel analyst Jonathan Block raised the price target on Trupanion, Inc. (NASDAQ: TRUP) to $29.00 (from $28.00) while maintaining a Hold rating.

The analyst commented, "Trupanion and Pets Best (the company’s biggest “Other” customer) have agreed to end their relationship after 3Q28, with enrollment expected to continue to decline as Pets Best rolls off their business. The filing quantified the size of the Pets Best relationship, disclosing that premiums written for Pets Best accounted for 30% of Trupanion's total 2025 revenue, or ~$430MM (96% of Other revenue). While the revenue headwind is material, we would note that adjusted operating income of the Other business remains in the 1-2% range of segment revenue. Our model reflects a gradual decline in the Other business, and we take revenue/operating income to $0MM by YE33. The key for Trupanion will be winding down fixed costs within "Other" alongside the declining revenue."

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