Progressive initiated with a Perform at Oppenheimer

Oppenheimer analyst Michael Phillips initiated coverage of Progressive with a Perform rating. Progressive is “one of the most respected companies in the P&C industry” with “a long track record of outperformance on both top- and bottom-line results,” says the analyst, whose Perform rating is “simply reflecting our view that the shares’ current valuation appropriately reflects the near-term outlook for the company.” While the firm set no price target, it views a fair value for shares as in the $166-$184 range.