Hagerty rises after KBW starts coverage at 'outperform'

** Shares of car insurer Hagerty HGTY.N rise 3.4% to $11.22 after brokerage KBW initiates coverage with an "outperform" rating

** KBW has a PT of $14 on HGTY, a 29% upside to stock's last close

** Path to nearly doubling policies in force by 2030 looks feasible, with plenty of untapped target market left to penetrate - KBW

** HGTY's insurance operations are also more insulated from the pricing cycle, given the firm's differentiation across products and customers - brokerage

** "HGTY's growth trajectory and brand moat warrant a premium valuation" - KBW

** One of four brokerages rates the stock "buy", two "hold" and one "sell"; with a median PT of $14, according to data compiled by LSEG

** As of last close, HGTY stock up 12.4% YTD