Progressive reported ‘excellent’ underwriting results, says Roth MKM

Roth MKM says Progressive reported “excellent” underwriting results with operating income of $1.13 per share for February, above its estimate of 84c Based on Q1 estimates, the firm believes its February estimate was slightly below the consensus. It says Progressive’s underwriting results were excellent with an overall combined ratio of 86.8%, well below its long-term goal of 96%. Roth keeps a Buy rating on the shares with a $215 price target.