JMP Securities analyst Matthew Carletti downgraded Root to Market Perform from Outperform without a price target. The shares of Root have risen over 10-times thus far in 2024, reflective of significant improvements in the underlying profitability of the business, alongside a return to solid growth, the analyst tells investors in a research note. JMP views current Root’s currant valuation as fair and not overvalued, but struggles to come up with the desired upside from current levels to continue to support an Outperform rating.