Wall Street is increasingly souring on Lemonade (NYSE: LMND), and investors are taking notice. Shares of the insurance newcomer fell by as much as 5% on Friday after the stock was initiated by an analyst with an underperform rating.

Lemonade is a one-time fintech wonder that has fallen on hard times of late. The company went public in 2020 with a mission to disrupt insurance sales by making the business more customer-focused, but it has been an uneven performer in what has become a treacherous market for young companies.

The stock has lost more than half of its value in the last year. BMO Capital analyst Michael Zaremski sees more difficulty up ahead. The analyst initiated coverage on Lemonade with an underperform rating and a $10 price target.

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Source Fool.com