Progressive price target lowered to $163 from $167 at Evercore ISI

Evercore ISI analyst David Motemaden lowered the firm’s price target on Progressive to $163 from $167 and keeps an Outperform rating on the shares after the company reported March losses that were worse than expected. The firm thinks the tort driven adverse PYD "should be behind them" given reform in Florida and thus shouldn’t be a future headwind and thinks the drawdown yesterday is "a good buying opportunity as growth should continue to accelerate."