BofA analyst Joshua Shanker lowered the firm’s price target on Progressive to $264 from $265 and keeps a Buy rating on the shares. Unique visits to Progressive’s website were up 16%-17% in March, essentially in line with January 2024, though below February growth, where web traffic was up in the low-to-mid-20% range, the analyst tells investors in a research note. While long-term trends regarding web traffic tend to be correlated with net policy count growth, there does not seem to be a relationship between month-to-month fluctuations in web traffic and month-to-month fluctuations in month-over-month growth, the firm says.
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