Piper Sandler analyst Paul Newsome upgraded Progressive to Overweight from Neutral with a price target of $186, up from $133, following Progressive’s stronger than expected September results. The firm now believes that all the personal lines writers it follows will show underlying underwriting improvement and believe this will be a catalyst for the quarter as pricing and profitability are now both improving, the analyst tells investors. Piper estimates Progressive’s top-line growth for 2023 will be about 23% and about 17% in 2024, but that earnings growth “should be much faster,” with an estimate for almost 40% growth in 2024 and 27% in 2025.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on PGR:
- Progressive (NYSE:PGR) Surges after Posting Impressive Q3 Results
- Early notable gainers among liquid option names on October 13th
- Progressive Reports September 2023 Results
- Progressive reports Q3 EPS $1.89, consensus $1.72
- Progressive reports September EPS 62c vs. ($1.17) last year
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue