Wells Fargo raised the firm’s price target on Progressive (PGR) to $299 from $297 and keeps an Overweight rating on the shares. The firm highlighted in a research note on Friday that shares traded down post October earnings as the strong PIF growth in the month was offset by weaker underlying margin. Wells still sees Progressive best positioned to continue to take share given its 89.6% year-to-date combined ratio and its ad ramp-up. The firm remains a buyer.
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