Lemonade price target lowered to $14 from $15 at Jefferies

Jefferies lowered the firm’s price target on Lemonade to $14 from $15 and keeps an Underperform rating on the shares. Q3 results, particularly for reinsurers, may be overshadowed by this week’s Hurricane Milton, says the analyst, who remains most constructive on Personal on improving margins and policies-in-force. For Q3, the analyst expects catastrophe losses below the five-year seasonal average, but “well above 3Q23,” with potential downside for primary insurers, the analyst tells investors in a preview for the P&C Insurance/Insurtech group.