Keefe Bruyette & Woods Lifts Porch Group (PRCH) Price Target Impressed by New Capital Structure

Porch Group, Inc. (NASDAQ:PRCH) is one of the must-buy small-cap stocks to invest in. On August 13, Keefe Bruyette & Woods raised the stock's price target to $16 from $7 while reiterating a 'Market perform' rating.

The research firm hiked the stock's price target, impressed by the company's new capital-light operating structure and resulting benefits. Management has reiterated the company's growth prospects, citing a solid reciprocal surplus and expansion of agency distribution channels.

The remarks come as the company delivered solid second-quarter results with earnings per share of $0.03, against an expected loss of $0.08 per share.  Revenue in the quarter reached $119.2 million, exceeding expectations of $99.39 million. Keefe Bruyette & Woods expects Porch Group to achieve an EBITDA of $68 million, an improvement from its initial guidance of $67 million, following the positive second-quarter results.

Porch Group, Inc. (NASDAQ:PRCH) is a software application company focused on the home industry. It provides software and services to various home service sectors, including title & closing, mortgage, and insurance, while also connecting homeowners with service professionals. It aims to simplify the home-buying and maintenance process through its software and network.

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Disclosure: None. This article is originally published at Insider Monkey.