Wells Fargo analyst Elyse Greenspan maintained a Buy rating on Progressive (PGR – Research Report) on May 5 and set a price target of $324.00.
Elyse Greenspan’s rating is based on Progressive’s strategic response to potential tariff impacts and its robust advertising efforts. The company anticipates that tariffs will lead to higher loss costs, which may necessitate increased rates in 2025 and 2026. Despite this, Progressive is confident in its current pricing strategy for personal auto products and plans to closely monitor the situation.
Additionally, Progressive’s significant increase in advertising expenditure demonstrates its commitment to maintaining market presence and competitiveness. The company has managed to improve its expense ratio, indicating operational efficiency that supports sustained advertising without adversely affecting margins. These factors collectively contribute to Greenspan’s positive outlook on Progressive’s stock.
In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $290.00 price target.
Based on the recent corporate insider activity of 109 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PGR in relation to earlier this year.