Insurer Lemonade Inc jumps after Morgan Stanley upgrades to 'equal-weight'

LEMONADE

20/11/2024 14:55

** Insurer Lemonade Inc's  LMND.N  shares jump as much as 13%,
last up 10.6% to $44.44
    ** Morgan Stanley upgrades company's shares to
"equal-weight" from "underweight"; raises PT to $42 from $23
    ** Company's shares closed up 17% on Tuesday after LMND's
investor day
    ** Company at its investor day unveiled plan to grow its
business from $1 bln in premiums to $10 bln over the next few
years
    ** Morgan Stanley says that while LMND's targets are
ambitious, management outlined specific strategies on how to
achieve the growth targets
    ** Brokerage adds the most important element of the investor
day for it was the goal to achieve net profit exiting 2027,
which is significantly better than Wall Street consensus and its
expectations
    ** 1 of 10 brokerages rate the stock "buy", 6 "hold" and 3
"sell" or lower; median PT $21 - LSEG
    ** As of last close, LMND shares more than doubled YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com))