Yes, Industry Experieces Auto Insurance Slump But This Analyst Is Upbeat on EverQuote's Prospects
Portfolio Pulse from Anusuya Lahiri
Needham analyst Mayank Tandon has maintained a 'Buy' rating on EverQuote Inc (NASDAQ:EVER) and raised the price target from $8 to $10. Despite a 46.7% Y/Y decline in 3Q23 revenue due to weakness in auto insurance revenue, Tandon is optimistic about the company's prospects. He is encouraged by management's steps to drive efficiencies and reduce costs, and expects a gradual recovery in insurance advertising budgets in FY24.
November 07, 2023 | 8:47 pm
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EverQuote's 3Q23 revenue declined 46.7% Y/Y, but Needham analyst Mayank Tandon remains optimistic about the company's future. He has maintained a 'Buy' rating and raised the price target from $8 to $10.
The analyst's positive outlook and the raised price target, despite the company's revenue decline, indicates confidence in EverQuote's future performance. This could potentially influence investor sentiment and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100