Progressive price target lowered to $318 from $333 at BofA

BofA lowered the firm’s price target on Progressive (PGR) to $318 from $333 and keeps a Buy rating on the shares. Ahead of the company reporting its February results on March 19, BofA forecasts Progressive to have net added 487,000 policies in February, its “most ever in a single month.” However, the firm notes that the S&P 500’s consensus P/E multiple on 2026 EPS has fallen to 19.0-times from 20.2-times since the last time it revised Progressive’s price target and notes that it bases its target on the market’s 2026 P/E multiple applied to the firm’s 2027 “92% combined ratio”-normalized EPS of $16.73, up from $16.53 previously.