Porch Group price target raised to $13 from $6 at Loop Capital

Loop Capital raised the firm’s price target on Porch Group (PRCH) to $13 from $6 and keeps a Buy rating on the shares after its Q1 results. The company reported a strong beat and raise quarter for the second quarter in a row, and the first quarter post-launching their new reciprocal exchange insurance model – PIRE – which is said to improve margins, mitigate risks, and make the business more predictable overall, the analyst tells investors in a research note. Porch Group continues to execute and sustain its profitability for the foreseeable future, the firm added.