BMO Capital lowered the firm’s price target on Progressive (PGR) to $267 from $273 but keeps an Outperform rating on the shares. The company’s November earnings beat was driven by a return to robust core loss ratios and favorable adjustments to prior-month catastrophe loss from reducing estimated losses from Hurricanes Helene and Milton, and while its auto policies-in-force growth decelerated to 1.4% m/m, that growth was “nicely above” BMO’s estimate, the analyst tells investors in a research note.
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