UPDATE: Barclays Initiates Coverage On Trupanion

In a note released Tuesday morning, Barclays initiated coverage on Trupanion TRUP with an Overweight rating and a $15 price target.

The team at Barclays noted in the United States, the pet insurance industry is still in the early stages. However, the team believes Trupanion is changing that paradigm through its offering of comprehensive coverage and paying out an additional 20 percent of claims.

Furthermore, the team noted that 15 percent market penetration in the United States' vastly under-penetrated market would represent a $15 billion industry.

Looking ahead, Barclays is predicting the company will hit $145 million of revenue in 2015.