Progressive price target lowered to $243 from $244 at Wells Fargo

Wells Fargo lowered the firm’s price target on Progressive to $243 from $244 and keeps an Overweight rating on the shares. Progressive traded lower following earnings given the high bar as the level of policies additions slowed sequentially in both channels, the analyst tells investors in a research note. Progressive continues to take share and should continue to, as their margins are industry best, the firm argues.