Progressive price target raised to $211 from $176 at Wells Fargo

Wells Fargo raised the firm’s price target on Progressive to $211 from $176 and keeps an Overweight rating on the shares. The firm notes Progressive traded up as underlying margins came in above expectations and the agency and direct channels saw their first sequential PIF increases since the first half of 2023. Wells remains bullish especially going into the seasonally strong PIF growth months.