BUZZ-Raymond James upgrades ratings for EverQuote and Progressive Corp, downgrades Hagerty
Brokerage Raymond James updates ratings of insurance companies EverQuote EVER.O, Progressive Corp PGR.N and Hagerty HGTY.N
Upgrades EVER to "strong buy" from "outperform"; shares up ~7% at $19.73 premarket
Says that while co produced solid results YTD, pending FCC rule change about lead generation affected recent stock performance
Says that although rule change could depress revenue growth and elevate costs in near term, demand for co's leads are expected to be stronger in 2025, 2026
Upgrades PGR to "outperform" from "market perform", says co's long-term record of growth and value creation makes it a core holding for large-cap growth investors
Sees PGR topping among large caps in brokerage's annual 'Return on Beginning Equity' table in 2025, 2026
Downgrades HGTY to "underperform" from "market perform", cites co's premium valuation vs personal auto and insurance brokerage peers
Brokerage, however, sees co generating strong top-line growth in 2025 on strategic partnerships and expanding membership base
Up to last close, EVER, PGR and HGTY stock has risen 49.6%, 52.7 and 29.6% respectively, YTD
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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