BofA raised the firm’s price target on Progressive to $234 from $225 and keeps a Buy rating on the shares. The firm is making price target changes across its U.S. Insurance coverage to reflect events occurring during the quarter and various P/E multiple changes, stating that it does not expect Q4 to be an “outsized catastrophe quarter” for P&C companies and it sees life insurers seeming to have receive some reprieve from credit and commercial real estate concerns with the market pricing in expectations for several rate cuts in 2024.
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