BofA raised the firm’s price target on Goosehead Insurance to $37 from $35 and keeps an Underperform rating on the shares. Management recently lowered guidance for revenue to $290M-$310M in 2024, but “the new numbers still seem too high” and the firm expects the company to miss its new 2024 revenue goal, requiring further guide-downs in the second half, the analyst tells investors. Despite the “modest increase” to the firm’s price target, there “remains material downside between the current stock price and where we believe fair value lies,” the analyst added.
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