BofA raised the firm’s price target on Progressive to $210 from $199 and keeps a Buy rating on the shares. The firm is raising its “already high-on-the-Street” 2024 and 2025 EPS forecasts by 6% and 4%, respectively, noting that its new EPS estimates of $9.55 and $12.80 for those years are, respectively, 23% and 34% above the Street forecast. Despite its forecast being materially higher relative to consensus, “we believe it could run the risk of being too conservative” as the new forecast has little underlying margin improvement, the analyst added.
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