EverQuote (EVER) PT Raised to $30 at Craig-Hallum

Craig-Hallum analyst Jason Kreyer raised the price target on EverQuote (NASDAQ: EVER) to $30.00 (from $26.00) while maintaining a Buy rating.

The analyst commented: "EverQuote is riding a sizeable wave of performance marketing investment from auto carriers, as evidenced in a strong start to the year with a sizeable upward revision to Q2. That said, we think this is just the tip of the iceberg. YTD spending patterns have been dominated by few carriers, and while most carriers have returned to growth, several are nowhere near their potential. Add to that major states like CA and NJ still lacking rate adequacy, and the fact the captive carriers appear to be pacing toward a 2025 recovery. The point is – EverQuote is riding a major wave of growth that has multi-year potential. With record revenue in sight, and record EBITDA already achieved, we see several quarters of growth and profit gains ahead. With platform investments positioned to drive upside to VMM and profit margins, and an independent agent channel kicking in for more durable growth, the EVER story should continue to evolve over the next several quarters. We are raising our price target to $30 to reflect increased confidence in the recovery, and EVER’s role in bringing new tools to market."

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