Progressive price target raised to $285 from $282 at Wells Fargo

Wells Fargo raised the firm’s price target on Progressive to $285 from $282 and keeps an Overweight rating on the shares. The company posted a “strong” set of August results with “good” growth and margins while its expense ratio continues to increase, especially in the direct channel, showing the company’s push on the advertising side, the analyst tells investors in a research note. Heading into macro volatility and potential Fed rate cuts, personal lines insurers are also more defensive and should fare better vs. other insurance sectors, the firm added.