Progressive price target raised to $206 from $198 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Progressive to $206 from $198 and keeps a Buy rating on the shares following the company’s report of May EPS results that “augur for EPS upside in 2024 and 2025.” Underlying profitability “seems close to company targets” despite a headline loss ratio of 82.7% and combined ratio of 99.0%, says BofA, which adds that May was “another month of strong loss reserve buildup.”