Progressive price target raised to $146 from $132 at JPMorgan

JPMorgan raised the firm’s price target on Progressive to $146 from $132 and keeps a Neutral rating on the shares. The analyst maintains a positive stance on the property and casualty sector in the Q2 reports. The firm projects results will benefit from “firm” prices and higher interest rates and it expects the group to be “defensive in a downturn.” On the other hand, earnings forecasts for P&C insurers “seem optimistic” and the stocks have outperformed other financials, the analyst tells investors in a research note. While JPMorgan’s outlook on the group remains upbeat, it is “less so than previously.”