Raymond James lowered the firm’s price target on Progressive to $140 from $145 and keeps an Outperform rating on the shares. The firm acknowledges that Progressive’s disappointing Q2 results could suggest the recovery of profitability in the broader auto insurance market could be further delayed into 2024/2025, but thinks Progressive could be one of the leading beneficiaries from the dislocations in the auto insurance market with potential market share gains through 2025,
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