Progressive price target lowered to $294 from $295 at Keefe Bruyette

Keefe Bruyette analyst Meyer Shields lowered the firm’s price target on Progressive (PGR) to $294 from $295 and keeps an Outperform rating on the shares as part of a Q4 earnings preview for the property and casualty sector. The results will include slowing written commercial and specialty premium growth, as well as “significant but manageable” reinsured catastrophe losses from hurricanes, the analyst tells investors in a research note. Keefe mostly raised Q4 catastrophe loads for property and casualty insurers citing “persistent Helene loss creep.”