Shares of Lemonade, Inc. (LMND) surged 5.51% in pre-market trading on Wednesday, following Morgan Stanley's upgrade of the insurance technology company's stock from Underweight to Equal Weight.
The upgrade came after Lemonade's investor day, where the company likely provided an optimistic outlook that prompted analysts to become more bullish. Morgan Stanley raised its price target on LMND to $42 from $23, implying significant upside potential.
Lemonade's stock had been struggling recently, but the positive analyst action and likely upbeat guidance provided during the investor day event sparked renewed investor interest and drove the pre-market rally.
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