BMO Capital analyst Michael Zaremski raised the firm’s price target on Progressive to $155 from $145 but keeps a Market Perform rating on the shares after its Q3 earnings beat. The firm is “concerned” that reserve charges from recent months could bleed into underlying margins and organic growth could be constrained by advertising expense cuts in the near term, though over the medium term, BMO sees Progressive’s revenue growth above consensus estimates and its core margin improving, supported by higher-for-longer auto insurance pricing well into the teens through 2024, the analyst tells investors in a research note.
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