Trupanion price target raised to $57 from $45 at Piper Sandler

Piper Sandler analyst John Barnidge raised the firm’s price target on Trupanion (TRUP) to $57 from $45 and keeps a Neutral rating on the shares following quarterly results. The firm notes Trupanion’s stock price has meaningfully moved off the lows, which priced in ahead achieving 71% targeted loss ratio in Q3, which is a positive surprise. That said, persistency continues to fall while the subscription business saw continued growth deceleration with enrolled subscription pets only higher by 1.1% quarter-to-quarter.