Morgan Stanley analyst Bob Huang raised the firm’s price target on Lemonade (LMND) to $23 from $15 and keeps an Underweight rating on the shares. With the stock up more than 100% since Q3 earnings, the firm says “our Underweight call was wrong,” but reiterates its Underweight rating based on key metrics such as combined ratio and the path to profitability. However, the firm believes “sentiment is solidly behind the company for now,” the analyst added.
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