Largest borrow rate increases among liquid names » 08:4508/0608/06/20
BLDP, DGLY, LMND, MNK, JNUG, XRX, AMC, EOLS, GAN, SKYY
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Ballard Power (BLDP) 17.02% +6.17, Digital Ally (DGLY) 53.54% +3.93, Lemonade (LMND) 5.13% +2.20, Mallinckrodt (MNK) 37.31% +1.34, Direxion Junior Gold (JNUG) 3.76% +0.95, Xerox (XRX) 0.50% +0.25, AMC Entertainment (AMC) 79.51% +0.24, Evolus (EOLS) 32.85% +0.20, GAN Ltd (GAN) 1.30% +0.19, and First Trust ISE Cloud Computing Index Fund (SKYY) 0.84% +0.16.
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Fly Intel: Top five analyst initiations » 10:1707/2707/27/20
IMTX, STSA, OSK, LMND, ACCD
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Immatics (IMTX) initiated with an Outperform at SVB Leerink. 2. Satsuma Pharmaceuticals (STSA) initiated with a Buy at H.C. Wainwright. 3. Oshkosh (OSK) initiated with an Outperform at Raymond James. 4. Lemonade (LMND) was initiated with an Outperform at JMP Securities, a Market Perform at William Blair, a Perform at Oppenheimer, an Equal Weight at Barclays and Morgan Stanley, and a Sell at Goldman Sachs. 5. Accolade (ACCD) initiated with a Buy at Goldman Sachs and BofA, an Overweight at Morgan Stanley and Piper Sandler, a Market Perform at SVB Leerinkm, and a Neutral at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Fly Intel: Pre-market Movers » 08:5607/2707/27/20
MRNA, MNOV, SAP, AVY, RPM, HAS, UA, EMAN, LMND, UAA
Check out this morning's…
Lemonade initiated with a Perform at Oppenheimer » 07:3307/2707/27/20
Oppenheimer analyst Jason…
Oppenheimer analyst Jason Helfstein initiated coverage of Lemonade with a Perform rating, citing valuation. The analyst notes that as a leader in the digitization of insurance, the company is leveraging deep data capabilities through machine learning, paired with a contemporary designed customer user experience to appeal to Millennial and Gen Z customers and grow with them as insurance needs expand with personal wealth levels. Moreover, Proportional Reinsurance model effectively insulates gross margin versus typical insurance models more susceptible to volatility., he contends. While forecasting a 66% adjusted gross profit growth annually 2020-2025, Helfstein believes shares are fully valued at 41-times 2022 EV/GP, a 258% premium to peers, even with growth about 270% faster.
Lemonade initiated with a Sell at Goldman Sachs » 07:0607/2707/27/20
Goldman Sachs analyst…
Goldman Sachs analyst Heath Terry initiated coverage of Lemonade with a Sell rating and $44 price target. With the shares trading at 27 times estimated 2022 enterprise value to GAAP revenue or 48 times estimated enterprise value to adjusted gross profit, the risks outweigh potential rewards, Terry tells investors in a research note. The analyst says with an "earlier than normal" lockup expiration, better entry points should arise as both the company and its float grows. Terry sees a "higher risk profile" as Lemonade works to transition its reinsurance relationships, significantly lower its net loss ratio, and expand its product offering into more competitive categories, like homeowners and pet insurance.
Lemonade initiated with an Equal Weight at Barclays » 06:3007/2707/27/20
Barclays analyst Ross…
Barclays analyst Ross Sandler initiated coverage of Lemonade with an Equal Weight rating and $83 price target. The analyst is "very bullish" on the company's longer term opportunity but looks to accumulate the shares as the "euphoria around the story fades a bit."
Lemonade initiated with an Outperform at JMP Securities » 06:2607/2707/27/20
JMP Securities analyst…
JMP Securities analyst Ronald Josey initiated coverage of Lemonade with an Outperform rating and $105 price target. The company's DTC self-serve, "tech-first" approach to selling insurance and targeting new-to-insurance customers mainly through renters coverage while "graduating customers" with growing life insurance needs is helping it to take market share in the $4T consumer-focused insurance industry, the analyst tells investors in a research note.
Lemonade initiated with an Equal Weight at Morgan Stanley » 06:1307/2707/27/20
Morgan Stanley analyst…
Morgan Stanley analyst Michael Phillips initiated coverage of Lemonade with an Equal Weight rating and $91 price target. Lemonade's differentiated model is a "welcome" disrupter in the fragmented homeowners market, and direct to consumer should allow for continued strong growth, Phillips tells investors in a research note. While the analyst sees 60% gross written premium CAGR in the near-term and 30% over 10 years, Phillips believes this growth is already priced in.
Lemonade initiated with a Market Perform at William Blair » 04:5107/2707/27/20
William Blair analyst…
William Blair analyst Ralph Schackart initiated coverage of Lemonade with a Market Perform rating and no price target. The analyst views the company's digital-only model as "compelling" but prefers to wait for a better entry point for the shares.
Lemonade CEO: COVID-19 has not had a major impact on our business » 18:4107/2307/23/20
In an interview on…
In an interview on CNBC's Mad Money, Daniel Schreiber said insurance may be the most disruptable industry on the planet. We saw that the industry was plagued by distrust. Things that were viewed as assets are now starting to look like liabilities, he noted. The core elements of our business have continued to thrive through the COVID-19 pandemic, Schreiber said.