B. Riley lowered the firm’s price target on EverQuote to $6 from $8 and keeps a Neutral rating on the shares post the Q2 results. The share selloff can be attributed to the Q3 revenue guidance coming in below estimates, the analyst tells investors in a research note. The firm believes the recovery in auto carrier budgets appears is likely to be gradual, beginning in early 2024 rather than a sudden acceleration once the calendar year resets.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on EVER:
- EverQuote price target lowered to $11 from $12 at Canaccord
- EverQuote sees Q3 revenue $51M-$56M, consensus $75.8M
- EverQuote reports Q2 EPS (40c), consensus (32c)
- Everquote (EVER) Q2 Earnings Cheat Sheet
- EverQuote Announces Cost Reduction Plan and Appointment of Joseph Sanborn as Chief Financial Officer