Progressive price target raised to $192 from $175 at Citi

Citi raised the firm’s price target on Progressive to $192 from $175 and keeps a Neutral rating on the shares. The company is outperforming following a strong earnings beat driven by better underlying margins in personal + commercial, as well as net reserve releases, the analyst tells investors in a research note. The personal lines expense ratio is the highest since March 2023, indicating positive growth appetite, the firm added.