BofA raised the firm’s price target on Progressive to $296 from $293 and keeps a Buy rating on the shares. The firm, which says the significant price increases that Progressive implemented into its underwriting from the second half of 2021 though the June 2024 results posted on Tuesday “appear to more impactful on the company’s margins than we had previously forecasted,” is increasing its “already previously high-on-the-Street” 2024-2026 EPS estimates even higher, the analyst tells investors. The firm’s respective forecasts for second half of 2024, 2025 and 2026 EPS are now 35%, 29% and 28% above consensus, the analyst noted.
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Read More on PGR:
- Progressive price target raised to $257 from $256 at Jefferies
- Progressive price target raised to $293 from $276 at BofA
- Progressive price target raised to $262 from $254 at Wells Fargo
- Progressive upgraded to Outperform from Market Perform at Keefe Bruyette
- Progressive reports Q2 EPS $2.48, consensus $2.00