Progressive price target lowered to $276 from $281 at BofA

BofA lowered the firm’s price target on Progressive to $276 from $281 and keeps a Buy rating on the shares. Despite North America not experiencing any singular major catastrophe events in Q2, elevated U.S. convective storms will materially impact calendar-year results in the property & casualty space, the analyst tells investors in a preview note. Despite stronger catastrophe activity as compared with Q1, the firm does not expect the reinsurers to record significant losses as it expects the weather-related losses to sit with the primary carriers, the analyst noted. Life insurance shares continue to benefit from higher interest rates, which supports net investment income growth, the analyst added in the insurance group preview.