Lemonade price target raised to $20 from $17 at Jefferies

Jefferies analyst Yaron Kinar raised the firm’s price target on Lemonade (LMND) to $20 from $17 and keeps an Underperform rating on the shares. The firm raised top line estimates, but lowered its adjusted EBITDA views, after the investor day that highlighted growth and expansion to auto. The firm, which notes that its raised target represents 61% downside, says the new target reflects a valuation roll-forward and honing of its valuation methodology.