UPDATE: JPMorgan Upgrades MediaAlpha (MAX) to Overweight
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JPMorgan analyst Cory Carpenter upgraded MediaAlpha (NYSE: MAX) from Neutral to Overweight with a price target of $50.00.
The analyst comments "MediaAlpha is one of the largest online customer acquisition platforms in the insurance industry, with its tech platform facilitating 5M+ monthly consumer referrals across 1,000+ partners largely in P&C, Health, and Life insurance verticals. We believe MAX is well positioned for multiple years of sustained 20%+ top-line growth, driven by the shift of customer acquisition spend online in the insurance industry (+23% CAGR from 2020-25E), 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 ~60%+ of Contribution into EBITDA."
Shares of MediaAlpha closed at $34.50 yesterday.
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