Porch Group price target raised to $25 from $17 at Oppenheimer

Oppenheimer raised the firm’s price target on Porch Group (PRCH) to $25 from $17 and keeps an Outperform rating on the shares following the firm’s recent non-deal roadshow with Porch CFO Shawn Tabak and VP of IR John Campbell. Takeaways from the NDR include meaningful room to scale policies, targeting 20%-25% annual premium growth vs. Oppenheimer’s 20%; reciprocal largely protected from weather risk, as storm activity would need to reach 2023 levels for losses; reciprocal take-rate has room to increase; and targeting 30% EBITDA margins vs. 2025’s 13%.