Porch Group resumed with an Overweight at Stephens

Stephens resumed coverage of Porch Group (PRCH) with an Overweight rating and $12 price target Porch has transitioned from a traditional risk-bearing insurance carrier to a fee-based homeowners insurance platform through its reciprocal exchange, says the analyst, who believes Porch’s shift to a fee-based reciprocal model should support adjusted EBITDA growth, margin expansion, and improved earnings quality.