01:45 PM EDT, 07/30/2024 (MT Newswires) -- LendingTree's ( TREE ) is seen benefiting from accelerating insurance growth with site conversion initiatives and lower interest rates bolstering the consumer and home segments, Oppenheimer said Monday in a report.

The insurance "upcycle has legs" amid strong home demand and premium rate increases in large states such as California, while LendingTree's ( TREE ) management plans to increase its sales team to drive higher conversion rates, the report said.

Oppenheimer boosted its Q3 revenue forecast to $245 million from $184 million with Q4 projected at $227 million, up from $168 million, after Lending Tree increased 2024 guidance 21%.

The firm increased its 2025 revenue outlook to $939 million from $802 million.

Oppenheimer raised its price target on Lending Tree stock $65 from $55 and kept its outperform rating.

Lending Tree shares fell 0.3% in recent trading Tuesday.

Price: 52.37, Change: -0.13, Percent Change: -0.26