Progressive price target raised to $215 from $211 at Wells Fargo

Wells Fargo analyst Elyse Greenspan raised the firm’s price target on Progressive to $215 from $211 and keeps an Overweight rating on the shares after its January earnings. The company had strong Policies in Force, PIF, growth in January for the first time since 2015, the analyst tells investors in a research note. The firm adds that it sees continued “severity moderation” amid continued improvement in the gap between pricing and maintenance/repair costs.