Barclays lowered the firm’s price target on Progressive to $121 from $123 and keeps an Underweight rating on the shares. The analyst thinks specialty insurers will outperform standard insurers in Q1 given opportunities afforded from market dislocation. The firm is cautious on "any contrarian" who releases casualty prior year claims development prematurely and sees mixed signals behind the auto path to profitability.
Published first on TheFly
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- The Progressive Corporation (PGR) Q1 Earnings Cheat Sheet
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