BofA lowered the firm’s price target on Progressive (PGR) to $300 from $318 and keeps a Buy rating on the shares after February growth that the firm calls “surprisingly weak.” The decelerating growth “does not comport” with the strong retention and new business application trends experienced in Q4, nor the tone of management on the year end conference call 15 days ago, says the analyst, who is lowering the firm’s Progressive personal auto policy-in-force year-end 2025 growth forecast to 11% over year-end 2024 from a prior call for 15% growth.
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Read More on PGR:
- Progressive price target raised to $300 from $294 at Keefe Bruyette
- Strong Financial Performance and Growth Prospects Drive Buy Rating for Progressive
- Progressive reports February EPS $1.58 vs. $1.24 last year
- Progressive price target raised to $285 from $264 at Barclays
- Progressive Appoints Carl Joyce as New VP and CAO
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