Online insurance company Lemonade has announced today that France will be its next European market, as it seeks to expand its international presence. Shares of Lemonade are currently up over 3% in Tuesday’s pre-market trading.
LMND), which was founded by Israeli entrepreneurs Shai Wininger and Daniel Schreiber, will offer its new multi-risk insurance in France by the end of 2020. However, French residents can already sign up for the waitlist now.” data-reactid=”13″>Lemonade (LMND), which was founded by Israeli entrepreneurs Shai Wininger and Daniel Schreiber, will offer its new multi-risk insurance in France by the end of 2020. However, French residents can already sign up for the waitlist now.
France is the third European country that Lemonade is expanding into following the roll-out of its products in the Netherlands earlier this year and Germany in June 2019.
Speaking about its French debut, the company’s CEO and co-founder Daniel Schreiber said, “Home insurance is often legally required in France, which automatically makes it a compelling opportunity for Lemonade’s next European country launch.”
“While the French insurance market is one of the most developed globally, we believe that Lemonade’s unique mix of value, values, and technology will stand out to the French consumer, offering the ability to get fast, personalized, and mission-driven insurance, from the comfort of any phone.”
Lemonade made its public debut on the NYSE on July 2. As of Monday, the stock was trading at $48.71 compared to its closing price of $69.41 on July 2. Lemonade offers renters, homeowners, and pet health insurance in the US and contents and liability insurance in Germany and the Netherlands. The company’s insurance products are powered by artificial intelligence and behavioral economics and use bots to speed up the process.
See LMND stock analysis on TipRanks)” data-reactid=”22″>The company charges a flat fee for its operations and donates unused premiums to a charity of the user’s choice through its annual Giveback program. (See LMND stock analysis on TipRanks)
Michael Phillips lowered his price target for Lemonade stock to $70 from $91 while retaining a Hold rating following the company’s 2Q results. While the analyst still believes that Lemonade’s high growth outlook and technology focus warrants a premium multiple relative to the insurance industry, he is adopting a more conservative outlook given the long duration of his forecasts.” data-reactid=”23″>On August 14, Morgan Stanley analyst Michael Phillips lowered his price target for Lemonade stock to $70 from $91 while retaining a Hold rating following the company’s 2Q results. While the analyst still believes that Lemonade’s high growth outlook and technology focus warrants a premium multiple relative to the insurance industry, he is adopting a more conservative outlook given the long duration of his forecasts.
price target of $69.75 suggests a strong upside of 43.2% from the current levels.” data-reactid=”24″>The Street is on the sidelines when it comes to Lemonade. Its Hold consensus is based on 1 Buy rating, 4 Holds and 1 Sell rating. However, the average analyst price target of $69.75 suggests a strong upside of 43.2% from the current levels.
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