Progressive price target raised to $130 from $125 at BMO Capital

BMO Capital raised the firm’s price target on Progressive to $130 from $125 and keeps a Market Perform rating on the shares. The company’s July results exceeded the firm’s below-consensus estimates, driven by a material improvement in the core auto loss ratios as Progressive may have received a slight benefit from less recreational driving due to the heat, the analyst tells investors in a research note. Growth remained weak, but Progressive’s expense ratio continued to fall and beat expectations, the firm added.