Bank of America Analyst Upgrades Trupanion to Strong Buy, Raises Price Target by 40%

WallStreetZen05-18

Bank of America's Joshua Shanker upgraded their rating on Trupanion (NASDAQ: TRUP) from Hold to Strong Buy on 2024/05/16. The analyst also raised their price target by 40% from $35 to $49.According to...

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The analyst also raised their price target by 40% from $35 to $49.According to Shanker, the insurance industry is cyclical, and he predicts that Trupanion's under-earning phase will soon transition to over-earning. \"In the next 18 months, under-earning will give way to over-earning,\" Shanker stated. This projection is based on the expected return to profitability and the increase in future cash flows.Trupanion's stock saw a 6.7% gain, closing at $32.82 on May 16, 2024, up from $30.77 on May 13, 2024. The recent surge in short covering for heavily shorted equities with substantial retail trading volumes contributed to the increase in Trupanion shares over the past four trading days.In addition to the upgrade on Trupanion, Shanker also raised their price target on Progressive Corp by 2.5%, from $279 to $286. The analyst maintained their Strong Buy rating on Progressive Corp.Currently, 75% of top-rated analysts rate Trupanion as a Strong Buy or Buy, while 25% consider it a Hold. There are no analysts recommending or strongly recommending selling the stock.Looking at the stock's performance, Trupanion's price has increased by 9.5% since its last quarterly report on March 31, 2024. Year-over-year, the stock is up by an impressive 45.9%. During this period, Trupanion has outpaced the S&P 500, which has risen by 27.5%.Bank of America analyst Joshua Shanker is highly regarded, ranking in the top 10% out of 4,587 Wall Street analysts according to WallStreetZen. Shanker specializes in the Financial Services and Industrials sectors, and has an average return of 11.4% and a win rate of 63.7%.Trupanion, Inc. is a company that provides medical insurance for cats and dogs on a monthly subscription basis. The company operates in the United States, Canada, Puerto Rico, and Australia. Trupanion serves both pet owners and veterinarians, aiming to provide comprehensive coverage for pets' medical expenses. Founded in 2000 and headquartered in Seattle, Washington, the company was formerly known as Vetinsurance International, Inc. before changing its name to Trupanion, Inc. in 2013.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.5","shortVersion":"4.22.5","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2436904752"}