JPMorgan raised the firm’s price target on Progressive to $202 from $171 and keeps an Overweight rating on the shares. The firm’s outlook for business trends in the property and casualty sector is upbeat, but it feels bullish sentiment and relatively full valuation levels will limit upside in the stocks heading into the Q1 reports. Disciplined pricing and the group’s defensive risk profile are key positives, but expectations for margins and growth “seem optimistic and valuations are not attractive,” the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PGR:
- Progressive price target lowered to $264 from $265 at BofA
- Progressive price target raised to $200 from $174 at HSBC
- Progressive price target raised to $190 from $185 at Keefe Bruyette
- Progressive price target raised to $235 from $215 at Roth MKM
- Progressive price target raised to $202 from $192 at Citi