Progressive price target raised to $239 from $210 at JPMorgan

JPMorgan raised the firm’s price target on Progressive to $239 from $210 and keeps an Overweight rating on the shares as part of Q2 earnings outlook for the property and casualty sector. The firm’s outlook for business trends in the P&C sector is upbeat, but its views on stocks vary by segment. Expected firm pricing and the sector’s defensive risk profile are “notable positives,” but expectations for margins at underwriters and sales growth at brokers “are optimistic,” the analyst tells investors in a research note. JPMorgan’s is most constructive on personal lines given an expected recovery in auto margins, and its near-term view of reinsurance stocks is positive due to hard pricing.