Root price target lowered to $70 from $75 at Wells Fargo

Wells Fargo lowered the firm’s price target on Root (ROOT) to $70 from $75 and keeps an Equal Weight rating on the shares. The firm notes the company reported operating income per share of 31c, beating its loss of 65c and Street’s loss of 25c with the beat vs Wells driven by better growth and margin. PIF grew by 3.3% sequentially, better than the firm’s 2.5% and improved from 2.4% in Q3.