Porch Group price target raised to $8 from $4 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Porch Group (PRCH) to $8 from $4 and keeps a Buy rating on the shares. At its recent investor event, Porch laid out a path to substantially scale the business through both insurance and software, providing long-term targets of $2B of revenue and $600M of EBITDA, the analyst tells investors in a research note. Craig-Hallum believes Porch has the ability to aggressively return to policy growth leveraging home data, which should drive strong growth trends across the insurance business.