EverQuote (EVER – Research Report), the Communication Services sector company, was revisited by a Wall Street analyst today. Analyst Mayank Tandon from Needham reiterated a Buy rating on the stock and has a $38.00 price target.
Mayank Tandon has given his Buy rating due to a combination of factors that highlight EverQuote’s strong performance and potential for future growth. The company reported fourth-quarter results that exceeded expectations, driven by a recovery in marketing spend from auto carriers. This positive trend has led to an optimistic outlook, with management projecting significant year-over-year revenue growth and solid profitability for the first quarter.
Furthermore, the removal of regulatory uncertainty, specifically the proposed FCC TCPA regulation, has alleviated a major concern for investors. Despite a notable increase in share price, the stock’s valuation remains attractive at its current EV/EBITDA multiple, suggesting a favorable risk-reward scenario. Consequently, Tandon has reiterated a Buy rating and raised the target price to $38.
In another report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $30.00 price target.