Trupanion price target lowered to $52 from $57 at Piper Sandler

Piper Sandler lowered the firm’s price target on Trupanion (TRUP) to $52 from $57 and keeps an Overweight rating on the shares. While Trupanion achieved 70% loss ratio and 15.3% adjusted operating margin for the company’s subscription business in Q4, which is better than targeted levels, growth slowed and 2025 outlook suggested that while there has been a meaningful level of improvement in underwriting results that those rate increases are resulting in a slower than anticipated level of revenue growth as a result of slower growth in subscription enrolled pets, the firm says.