Porch Group upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded Porch Group (PRCH) to Outperform from Market Perform with a price target of $10.50, down from $13. The firm sees a favorable risk/reward with the stock down 60% from their September highs and 53% since the Q3 earnings report. Porch trades at an over 50% discount to its high-growth and capital-light insurance peers on a growth-adjusted basis, the analyst tells investors in a research note. Keefe believes the company has “ample flexibility to manage to robust” reciprocal written premium growth given the reciprocal’s strong excess capital position.