Lemonade assumed with a Neutral at Piper Sandler

Piper Sandler analyst John Barnidge assumed coverage of Lemonade (LMND) with a Neutral rating and $55 price target The firm notes the company has seen shares meaningfully re-rate this year as volatility of the business has improved, total customer growth has persisted and premium per customer continues to grow. That said, Piper believes the valuation is reflective of that meaningful improvement in the leading direct-to-consumer provider of personal lines products in the U.S. While the company was often 1st brought to the public’s conscience due to its home insurance product, the pet insurance business has seen rapid growth in recent years, it adds.