Lemonade price target raised to $92 from $85 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Lemonade (LMND) to $92 from $85 and keeps an Overweight rating on the shares. The initial positive stance on insurance brokers appears premature and overly optimistic, as near-term fundamentals are likely to deteriorate before improving. While the subgroup remains interesting, negative consensus organic growth revisions are expected in the interim.