BofA lowered the firm’s price target on Progressive (PGR) to $318 from $333 and keeps a Buy rating on the shares. Ahead of the company reporting its February results on March 19, BofA forecasts Progressive to have net added 487,000 policies in February, its “most ever in a single month.” However, the firm notes that the S&P 500’s consensus P/E multiple on 2026 EPS has fallen to 19.0-times from 20.2-times since the last time it revised Progressive’s price target and notes that it bases its target on the market’s 2026 P/E multiple applied to the firm’s 2027 “92% combined ratio”-normalized EPS of $16.73, up from $16.53 previously.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PGR:
- Progressive’s Strong Growth and Market Position Justify Buy Rating
- Progressive’s Resilience and Growth Potential: A Buy Recommendation by Elyse Greenspan
- Progressive CFO Sauerland sells 10,000 common shares
- Progressive price target raised to $315 from $290 at Roth MKM
- Progressive price target raised to $317 from $307 at Morgan Stanley