PRCH - Porch Group pops after JPMorgan fire off bullish ratings initiation

JPMorgan started off coverage on Porch Group (NASDAQ:PRCH) with an Outperform rating. Analyst Cory Carpenter and team believe PRCH's B2B go-to-market strategy is differentiated and provides the company with unique data and early access to high-intent movers at low customer acquisition cost. "PRCH offers these homebuyers its free moving concierge service, which has healthy uptake rates and PRCH monetizes through B2B2C move-related services (i.e., booking movers) and increasingly its in-house insurance and warranty products." Looking ahead, JPMorgan sees PRCH as well positioned for sustainable +30% growth. Margins are forecast to improve each year and adjusted EBITDA is seen turning positive in the second half of 2023. JPMorgan's December 2022 price target of $8 is based on 2.5X the 2023 revenue estimate, which is noted to be a discount to real estate software peers trading at 7X on average and largely in-line with InsurTech peers trading at 2.7X as well as

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Porch Group pops after JPMorgan fire off bullish ratings initiation