Morgan Stanley analyst Bob Huang notes that Progressive (PGR) November results showed strong underwriting improvements, alleviating the fear of adverse selection, seasonal trends, and limited upside to earnings potential. The improved underwriting heading into year-end “demonstrates the effectiveness of the company’s strategy and the dominance of Progressive’s competitive positioning,” argues the analyst, who frames the monthly results as a “compelling reason to be bullish” and maintains an Overweight rating and $310 price target on the shares.
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Read More on PGR:
- Early notable gainers among liquid option names on December 13th
- Progressive Releases November 2024 Financial Results
- Progressive reports November EPS $1.71 vs. $1.15 last year
- Progressive price target raised to $339 from $335 at BofA
- Progressive declares $4.50 per share annual dividend, 10c quarterly dividend