Hippo downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst Tommy McJoynt downgraded Hippo to Market Perform from Outperform with a price target of $20, down from $22. The analyst expects challenging weather to counteract the company’s “recent aggressive underwriting actions.” The targeted 2025 timeline for positive AEBITDA is already consensus now, and Keefe is modestly below consensus, the analyst tells investors in a research note. The firm sees a lack of clear-cut catalysts and notes the stock is up 112% year-to-date.