Progressive price target raised to $244 from $238 at Wells Fargo

Wells Fargo raised the firm’s price target on Progressive to $244 from $238 and keeps an Overweight rating on the shares. The firm expected Progressive to trade up more on the strong PIF and margins, but shares should go higher as estimates are revised up. Further, April is another seasonally strong PIF month, so strong growth should continue, Wells said in a research note on Friday.