Bob Huang, an analyst from Morgan Stanley, maintained the Buy rating on Progressive (PGR – Research Report). The associated price target remains the same with $317.00.
Bob Huang has given his Buy rating due to a combination of factors that position Progressive favorably in the current market environment. One of the primary reasons is the company’s strong underwriting profitability, which sets it apart from its peers. Progressive’s loss ratio is notably better than most major competitors, and its combined ratio for the early months of 2025 demonstrates continued strength in underwriting profit.
Additionally, Progressive’s strategic approach to rate filings provides it with flexibility in managing pricing pressures. By maintaining low pricing increases and occasionally implementing negative rate filings, the company has created a buffer to counteract potential tariff impacts. Furthermore, the competitive landscape is expected to slow down due to tariffs, which could hinder some companies’ growth strategies. This scenario places Progressive in a more advantageous position to capitalize on market opportunities, reinforcing Bob Huang’s Buy recommendation.
In another report released on April 1, Jefferies also maintained a Buy rating on the stock with a $327.00 price target.
Based on the recent corporate insider activity of 108 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PGR in relation to earlier this year.