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Investing.com - Cantor Fitzgerald assumed coverage on Porch Group Inc. (NASDAQ:PRCH), currently trading at $16.97 with a market capitalization of $1.77 billion, with an Overweight rating and a price target of $20.00, up from the previous target of $5.00.
The significant price target increase comes as Porch Group shares have appreciated approximately 30 times from their 2023 lows of $1.16 and delivered an impressive 1,078% return over the past 12 months, according to InvestingPro data.
Cantor Fitzgerald attributes this growth to material improvements in the business and the company’s pivot to a reciprocal insurance exchange ownership structure of its P&C carrier unit.
The firm believes management has positioned the company for robust future growth and profitability, despite the already impressive share price appreciation.
The new $20 price target implies 29 times Cantor’s 2026 estimated EBITDA or approximately 33 times its 2026 free cash flow estimates.
In other recent news, Porch Group reported a strong performance in its second-quarter 2025 financial results. The company posted earnings per share of $0.03, which was significantly above the forecasted -$0.08. Revenue also surpassed expectations, reaching $119.2 million compared to the anticipated $99.39 million. Additionally, Keefe, Bruyette & Woods raised its price target for Porch Group to $16 from the previous $7, maintaining a Market Perform rating. This adjustment followed the company’s updated guidance and second-quarter results. The firm also increased its 2025 EBITDA estimate to $68 million, up from $67 million, while keeping the 2026 estimate at $104 million. These developments indicate a positive outlook for Porch Group’s financial health and future performance.
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