Hagerty initiated with an Outperform at Oppenheimer

Oppenheimer analyst Michael Phillips initiated coverage of Hagerty (HGTY) with an Outperform rating and $15 price target The firm sees Hagerty are more than just an auto insurer. The company’s “niche focus” on classic cars means its customer base cares about their cars and limit driving miles, the analyst tells investors in a research note. Oppenheimer believes the shares deserve a premium multiple based on its “competitive moat,” saying Hagerty is less prone to the property and casualty cycle and has a more diverse revenue stream.