Progressive price target raised to $165 from $155 at BMO Capital

BMO Capital analyst Michael Zaremski raised the firm’s price target on Progressive to $165 from $155 and keeps an Outperform rating on the shares after its January results. The analyst is updating the firm’s model to reflect a lower Personal Auto underlying loss ratio, stronger net interest income, and premium growth, the analyst tells investors in a research note. The firm adds that Progressive’s profit margins should continue to heal and normalize due to its agility and peer-leading underwriting segmentation.