Progressive price target raised to $242 from $233 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Progressive to $242 from $233 and keeps a Buy rating on the shares after December results came in “well-ahead of Street consensus.” The company beat the firm’s December expectations across the “most closely watched measures” of premium growth and underwriting margin, says the firm, which is slightly increasing both its premium growth and revenue forecasts as it interpolates December results into its model and takes up its “already high-on-the-Street forecast.”