BMO Capital analyst Michael Zaremski lowered the firm’s price target on Progressive to $120 from $140 and keeps a Market Perform rating on the shares. Near-term EPS estimates still appear too optimistic, even after estimating that consensus EPS is likely to fall a further 4% in the weeks leading into Progressive’s 10-Q release on August 1 and earnings call on August 2, the analyst tells investors in a research note.
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