Hagerty rises after Oppenheimer initiates coverage with 'outperform' rating

Shares of car insurer Hagerty HGTY.N rise about 6% to $13.19

Brokerage Oppenheimer initiates coverage with outperform rating; sets a PT of $15

Company's niche focus on classic cars and diversified revenue streams create a self-reinforcing growth model - Oppenheimer

"More insurance customers mean more Driver Club members (subscription revenue); more auctions and private sales boost Marketplace revenue and spur more insurance sales," - brokerage

Two of five brokerages rate the stock "buy" or higher, two "hold", one rates "sell"; their median PT is $14.50, according to data compiled by LSEG

Including session's moves, HGTY shares up almost 30% YTD