Progressive price target raised to $200 from $185 at Roth MKM

Roth MKM raised the firm’s price target on Progressive to $200 from $185 and keeps a Buy rating on the shares. The company’s stronger-than-expected earnings were chiefly impacted by a significant decrease in personal auto frequency, and compared to prior Decembers, this was the lowest level in at least the last 20 years, the analyst tells investors in a research note. Progressive also reported combined ratio of 84.2% for December, which was well below its long-term target of 96%, the firm added.