Progressive price target raised to $207 from $188 at Piper Sandler

Piper Sandler raised the firm’s price target on Progressive to $207 from $188 and keeps an Overweight rating on the shares. The firm notes Progressive reported December monthly operating income per share of $1.33 vs. its estimate of 81c. The bottom line beat was driven mainly by a favorable underlying underwriting result. Piper continues to believe that Progressive is well positioned for an important cyclical change.