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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