Needham analyst Mayank Tandon has reiterated their bullish stance on EVER stock, giving a Buy rating yesterday.
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Mayank Tandon has given his Buy rating due to a combination of factors including EverQuote’s impressive second-quarter performance and the robust demand environment. The company reported revenue that met expectations, driven by strong enterprise carrier spending, which saw a significant year-over-year increase. Additionally, EverQuote exceeded EBITDA expectations and achieved a record EBITDA margin, benefiting from improved operating leverage.
Furthermore, the management’s guidance for the third quarter suggests continued positive momentum, with anticipated revenue growth reflecting healthy carrier marketing spend trends. Although growth is expected to moderate in the future, the strong demand backdrop suggests that estimates might be conservative, providing an opportunity for the stock to be re-evaluated upwards. Tandon maintains a Buy rating with a target price of $38, reflecting confidence in the company’s potential for future performance.
Tandon covers the Technology sector, focusing on stocks such as Agilysys, Exlservice Holdings, and Genpact. According to TipRanks, Tandon has an average return of -2.9% and a 39.96% success rate on recommended stocks.