Progressive price target lowered to $103 from $120 at Barclays

Barclays analyst Tracy Benguigui lowered the firm’s price target on Progressive to $103 from $120 and keeps an Underweight rating on the shares. The analyst says higher ultimate severity drove June increases in prior and current accident year loss ratios. At least Florida reform was not cited again, but the narrative has shifted back to property damage compared to bodily injury, the analyst tells investors in a research note.