Progressive price target raised to $150 from $145 at Raymond James

Raymond James analyst C. Gregory Peters raised the firm’s price target on Progressive to $150 from $145 and keeps an Outperform rating on the shares. Progressive should be a leading beneficiary from the dislocations in the auto insurance marketplace as most carriers continue to implement substantial rate increases over the next 12 months, and its approach to underwriting/auto insurance loss reserves could position Progressive to continue to outperform on an underwriting basis, the analyst tells investors in a research note.