Progressive price target lowered to $271 from $281 at Barclays

Barclays lowered the firm’s price target on Progressive (PGR) to $271 from $281 and keeps an Equal Weight rating on the shares as part of a Q3 earnings preview for the property and casualty insurance group. The setup for the sector remains largely consistent with the last quarter as pricing pressure across lines continues, the analyst tells investors in a research note. However, Barclays says the reduced volume of property catastrophe premiums renewing in Q3 “may offer a modest quarter-over-quarter reprieve.”