• Lemonade (LMND) shares are down 4.2% today after Morgan Stanley downgraded the stock to Equal Weight from Overweight, citing that the current valuation already prices in the company's growth story.
  • This decline follows a significant multi-day rally, which was fueled by upbeat Q1 2026 earnings and a favorable July 1 reinsurance renewal that allows the company to retain more premium and profit.
  • Morgan Stanley notably left its $75 price target unchanged.