Trupanion price target lowered to $59 from $68 at Evercore ISI

Evercore ISI lowered the firm’s price target on Trupanion to $59 from $68 and keeps an Outperform rating on the shares, stating that the firm is more cautious following the announcement that CFO Drew Wolff will be stepping down. With the EVP of Pricing and EVP of Legal & Regulatory also departing the company, Evercore believes that Chairman and CEO Darryl Rawlings and President Margi Toth are "two of the only operational executives with meaningful history with the company" and that management will need to hire and train new leadership teams, "very soon," the analyst tells investors. While Evercore sees execution, low company morale, and potentially a Q1 miss as "three big risks" to add to macro headwinds, it believes these risks are now reflected with the shares having traded off by 27% yesterday.