EverQuote price target raised to $10 from $8 at Needham

Needham raised the firm’s price target on EverQuote to $10 from $8 and keeps a Buy rating on the shares. The company’s Q3 results exceeded expectations, even though these were low heading into the quarter as auto carrier advertising budgets remain depressed, the analyst tells investors in a research note. Budgets are expected to remain pressured in Q4 based on the guidance, though the firm is “encouraged” by the management’s steps to drive efficiencies and reduce costs to protect margins and cash flow, Needham added.