Progressive price target raised to $218 from $216 at UBS

UBS raised the firm’s price target on Progressive to $218 from $216 and keeps a Neutral rating on the shares. The firm cites the company’s Q1 earnings beat and a higher policies in force growth assumption in personal auto insurance, along with a better personal auto loss ratio, and higher net investment income. Progressive should continue to overearn in 2024, driven by rate increases and loss trend moderating quicker than expected, the analyst tells investors in a research note.