BofA raised the firm’s price target on Progressive (PGR) to $335 from $331 and keeps a Buy rating on the shares. October EPS results came in ahead of a consensus average of around 60c-65c, but below the firm’s forecast of 86c, notes the analyst, who says variances with the firm’s forecast include catastrophe losses of $254M being well-below its forecast of $516M, which was a 35c per share tailwind, offset by the accident-year ex-catastrophe loss ratio of 72.3% being materially higher than its 66.6% forecast.
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