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Progressive price target lowered to $118 from $121 at Barclays

Barclays analyst Tracy Benguigui lowered the firm’s price target on Progressive to $118 from $121 and keeps an Underweight rating on the shares. Florida reform reactions and higher severity contributed to adverse prior year claims development and a higher loss pick, the analyst tells investors in a research note. The firm thinks Progressive "generally underplays social inflation."

Published first on TheFly

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