Goldman Sachs raised the firm’s price target on Progressive to $280 from $262 and keeps a Buy rating on the shares. The firm is updating its model to reflect improvements in the company’s policies-in-force growth rate and underlying loss ratio expectations in personal auto, which are somewhat offset by an increase in its personal lines expense ratio assumptions, the analyst tells investors in a research note. The firm adds that it is raising its 2024/2025/2026 EPS estimates by 13%, 3%, and 3%, respectively, with the 2024 estimate change driven by the company’s earnings beat for August.
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Read More on PGR:
- Progressive price target raised to $290 from $270 at Roth MKM
- Progressive price target raised to $300 from $260 at Morgan Stanley
- Progressive price target lowered to $309 from $312 at BofA
- Progressive price target raised to $285 from $282 at Wells Fargo
- Progressive’s August results showing ‘another big beat’, says Morgan Stanley
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