Root price target raised to $120 from $118 at Wells Fargo

Wells Fargo raised the firm’s price target on Root (ROOT) to $120 from $118 and keeps an Equal Weight rating on the shares. The firm notes the company reported operating income per share of $1.29, beating its loss of 9c and Street’s income of 56c with the beat vs us driven by higher earned premium growth and better loss ratios. Wells sees shares down on PIF growth miss despite bottom-line beat.