Porch's stock has plummeted 75.3% this year but shares could nearly triple from here, Compass says
Shares of Porch Group may have plummeted 75.3% this year, but the homes services company is poised for a rebound and its shares could nearly triple, Compass Point Research said. Analyst Jason Weaver initiated coverage of the stock with a buy rating on Wednesday, noting that the company's "tech-enabled approach" and unique business model gives it a competitive edge.
The initiation comes two days after JPMorgan initiated the stock with an overweight rating, noting that Porch's business-to-business strategy helps it standout. Weaver believes the company is targeting an "under-penetrated" and "fragmented" industry and its unique business model can drive compound revenues in the 30% to 40% range near-term. Plus, Porch's revenue combination minimizes its risk to ongoing macro headwinds.
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