Progressive price target raised to $188 from $186 at Piper Sandler

Piper Sandler raised the firm’s price target on Progressive to $188 from $186 and keeps an Overweight rating on the shares following a bottom line beat driven by low catastrophe losses. The firm acknowledges that some may be concerned about the sequential month underlying combined ratio deterioration, but thinks this is “missing the forest for the trees.” Progressive’s results remain well better than its peers, says Piper.