Shares of Lemonade, Inc. (LMND) soared 11.96% in pre-market trading on Wednesday, with the insurance technology company rallying after Morgan Stanley upgraded its rating on the stock from Underweight to Equal Weight.
The upgrade came on the heels of Lemonade's investor day event, where the company likely provided an optimistic outlook and growth strategy that prompted analysts to become more bullish on the stock's prospects. Morgan Stanley raised its price target on LMND from $23 to $42, implying significant upside potential.
During the investor day, Lemonade reportedly laid out an ambitious plan to grow its insurance premiums from $1 billion currently to $10 billion over the next few years. The company aims to achieve this through leveraging technology, improving efficiency, and focusing on expanding its auto insurance offerings. Analysts praised Lemonade's differentiated competitive advantages and charted path to profitability by the end of 2027.
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