Progressive’s August results showing ‘another big beat’, says Morgan Stanley

Morgan Stanley analyst Bob Huang keeps an Overweight rating and a $260 price target on Progressive after the company’s August earnings saw “another big beat” with “strong” Policies in Force growth and “impressive” combined ratio that continues to surprise to the upside. Given the consecutive months of strong growth, there is “significant upside” to its model, the firm tells investors in a research note.