BofA lowered the firm’s price target on Progressive to $273 from $279 and keeps a Buy rating on the shares. The firm applies a 10% premium to the 2024 S&P 500 P/E multiple, which it notes is down due to market multiple contraction, applied to its “much-higher-than-consensus” estimate of 2025 “normalized” EPS of $11.86, the analyst tells investors.
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