Root price target lowered to $84 from $90 at Jefferies

Jefferies analyst Yaron Kinar lowered the firm’s price target on Root to $84 from $90 and keeps a Buy rating on the shares. While the firm says after earnings that its conviction in Root’s ability to maintain and beat its loss ratio ex LAE target of 65%, and subsequently push growth, is increasing, it adds that the policy-in-force, or PIF miss, in Q2 will likely lead to Root shares underperforming “despite a well-communicated expected slowdown.”