Oppenheimer lowered the firm’s price target on Porch Group (PRCH) to $20 from $25 and keeps an Outperform rating on the shares. The firm notes Q4 was guided modestly below estimates on more conservative GWP expectations. Management believes Porch has the flexibility to lower insurance prices to drive increased conversion going forward. It is expecting software/data businesses to benefit whenever housing market recovers, but macro improvement not assumed within internal outlook.
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