Roadzen price target lowered to $4 from $7 at Maxim

Maxim analyst Allen Klee lowered the firm’s price target on Roadzen (RDZN) to $4 from $7 but keeps a Buy rating on the shares. The company’s Q3 revenue growth of 33% was slightly below the firm’s estimate, though its adjusted EBITDA loss was narrower than expected as the management utilized AI and cost-cutting, reducing legacy costs and improving expenses, the analyst tells investors in a research note. Maxim remains positive on Roadzen “providing disruptive technology and AI solutions for the auto insurance industry”.