Porch Group price target raised to $12 from $10 at Benchmark

Benchmark analyst Daniel Kurnos raised the firm’s price target on Porch Group (PRCH) to $12 from $10 and keeps a Buy rating on the shares. Porch is “now batting 1.000 since the switch over to a reciprocal exchange,” going two for two with guidance raises, highlighting “just how much leverage there is in the business model,” the analyst tells investors in a post-earnings note. Porch is raising numbers on the back of a rapidly expanding insuretech business, so much so that it can even afford to reinvest incremental dollars for future growth, adds the analyst, who says “Porch has been and remains one of our favorite ideas.”