Shares of insurer Lemonade (LMND.N) rise 14.52% to $66.13 after Morgan Stanley upgrades to “overweight” from “equal weight”
Brokerage cites LMND’s Tesla (TSLA.O) partnership represents an important first step and gives Lemonade first-mover advantage in data analysis and on-the-ground experience
LMND is offering a 50% rate cut for drivers of TSLA electric vehicles when the automaker’s Full Self-Driving (FSD) driver assistance software is steering because it had data showing it reduced accidents
“As the auto market continues to evolve toward autonomous, we expect Lemonade to expand its autonomous exposure geographically, putting it on the path to 10x its business” -MS
MS also raised PT to $85 from $80 which is a 47.2% upside to the stock’s last close
Five of 12 analysts rate stock “strong buy” or “buy”, four “hold” and three “sell” or “strong sell”; their median PT is $65 - data compiled by LSEG
Including session’s move, LMND down 6.2% YTD

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- Shares of insurer Lemonade rise 14.52% to $66.13 after Morgan Stanley upgraded the stock to “overweight” from “equal weight.”  
- The upgrade is attributed to Lemonade's partnership with Tesla, which is expected to enhance its data analysis capabilities and market experience.  
- Morgan Stanley raised the price target to $85, indicating a 47.2% potential upside, while five out of twelve analysts recommend the stock as a “strong buy” or “buy.”

Reuters

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BUZZ-Lemonade surges after Morgan Stanley turns bullish on Tesla partnership