Craig-Hallum analyst Kevin Ellich downgraded Trupanion to Hold from Buy and lowered his price target to $29 from $38, saying he has some growing concerns about deteriorating operating metrics, including the total addressable market for pet insurance, and the competitive landscape. Ellich says that while there is little question that the animal health industry, especially the pet market, has a number of tailwinds, he believes deterioration in some of Trupanion's key operating metrics signal the pet insurance market is getting more challenging and growth could slow over the next several quarters.