Lemonade Upgraded to Equal Weight from Underweight at Morgan Stanley
Morgan Stanley upgraded Lemonade to Equal Weight from Underweight with a price target of $42, up from $23, following the investor day.
Lemonade shares jumped 7.4% in premarket trading.
Lemonade “charted an ambitious goal” of growing its business from $1B in premiums to $10B over the next few years, the analyst tells investors in a research note.
The firm adds the company charting a path to net profit positive exiting 2027, which is significantly more optimistic than consensus estimates. It believes the next phase of Lemonade’s growth will be driven by its “differentiated” technology.
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