Key Points
On Tuesday, analyst Bob Huang from Morgan Stanley upgraded Lemonade (NYSE: LMND) to an “overweight” rating and increased the price target to $85 per share, up from $80. This recommendation shifted investor sentiment positively, contributing to a 16% rise in the stock price over the week, according to S&P Global Market Intelligence.
The upgrade comes as Lemonade integrates with Tesla’s onboard vehicle data, offering a 50% discount on insurance to Tesla owners using the full self-driving feature. Additionally, a partnership between Rivian and Uber, involving an investment of up to $1.25 billion to launch tens of thousands of self-driving robotaxis, highlights the momentum in autonomous vehicle technology, positioning Lemonade as a first mover in this growing segment.
