Progressive price target lowered to $267 from $273 at BMO Capital

BMO Capital lowered the firm’s price target on Progressive (PGR) to $267 from $273 and keeps an Outperform rating on the shares. Progressive’s November beat was driven by a return to strong core loss ratios following a sizable core margin miss in October and favorable adjustments to prior-month catastrophes from reducing estimated losses from Hurricanes Helene and Milton, the analyst tells investors in a research note. Progressive’s second consecutive month beating on policy counts while missing on total premium growth may be an indication of softening pricing, the firm says.