Root price target raised to $142 from $105 at Wells Fargo

Wells Fargo raised the firm’s price target on Root (ROOT) to $142 from $105 and keeps an Equal Weight rating on the shares. The firm notes the company reported operating income per share of $1.07, beating its 50c and consensus of 34c. The upside reflects better underwriting results. Root also saw strong PIF growth and this represented the third quarter in a row of positive earnings, Wells adds.