Hagerty price target lowered to $11 from $13 at Truist

Truist lowered the firm’s price target on Hagerty (HGTY) to $11 from $13 and keeps a Hold rating on the shares. The company reported Q1 adjusted EPS just ahead the consensus average, with revenue decreasing 5% year-over-year but still coming in above the firm’s estimate, the analyst tells investors in a research note. The firm noted that while it cut its price target based on a multiple of 13x its 2027 adjusted EBITDA forecast, its Hold rating is based on the view that while the Hagerty business model is very attractive, the stock is fairly valued.