EverQuote (EVER) PT Lowered to $45 at Needham & Company

August 3, 2021 6:50 AM EDT
Get Alerts EVER Hot Sheet
Price: $19.85 -2.6%

Rating Summary:
    7 Buy, 8 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 16 | Down: 13 | New: 52
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Needham & Company analyst Mayank Tandon lowered the price target on EverQuote (NASDAQ: EVER) to $45.00 (from $65.00) while maintaining a Buy rating.

The analyst commented, "EVER reported solid 2Q results that exceeded expectations across the board due to record monetization rates. However, the 3Q outlook is a touch light and reflects a moderation in monetization rates and higher investments in the company's health segment as management gears up for the open enrollment season in 4Q. For the full year, the updated guidance is mixed, with management raising revenue but lowering EBITDA. The revised FY21 guidance reflects the recent PolicyFuel acquisition and higher investments. Despite the mixed revised outlook for FY21, we remain positive on EVER given our view that its online marketplace is well positioned to thrive as insurance advertising and distribution dollars shift to digital channels. We are reiterating our BUY rating but lowering our target to $45."

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