Needham analyst Mayank Tandon reiterated a Buy rating on EverQuote today and set a price target of $25.00.
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Mayank Tandon has given his Buy rating due to a combination of factors that highlight EverQuote’s strong operating momentum and favorable industry setup. He points to the company’s record fourth-quarter results, where revenue growth far exceeded expectations as insurance carriers boosted their marketing spend on the platform, reflecting robust profitability across the carrier base.
At the same time, he acknowledges that near-term guidance is conservative as carriers moderate spending early in the year, but he expects growth to reaccelerate as 2024 progresses. Tandon also emphasizes management’s confidence in reaching $1 billion in revenue over the next two to three years, alongside planned EBITDA margin expansion and at least 20% annual EBITDA growth, which together support upside to current estimates and justify maintaining a Buy rating.
In another report released today, Canaccord Genuity also maintained a Buy rating on the stock with a $28.00 price target.