Progressive price target raised to $132 from $130 at JPMorgan

JPMorgan raised the firm’s price target on Progressive to $132 from $130 and keeps a Neutral rating on the shares. The analyst’s outlook for the property and casualty insurance sector is positive. The firm expects business trends to be "healthy overall" and expects the group to be more defensive than other financials in an economic downturn. It is most constructive on the brokerage and personal lines businesses longer term, and sees the most momentum in reinsurance in the near term.