Progressive price target raised to $188 from $178 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Progressive to $188 from $178 and keeps a Buy rating on the shares. The firm is reducing its 2023 EPS forecast, largely due to interpolating the March miss into full-year results, but it adds that it views the selloff on Thursday as "a particularly attractive buying opportunity" for investors who believe they have "missed" the PGR opportunity. Despite the firm’s "high-on-the-Street" EPS forecasts for 2024 and 2025, BofA believes its outlook "may even prove conservative," the analyst added.