Progressive price target raised to $247 from $228 at Morgan Stanley

Morgan Stanley analyst Bob Huang raised the firm’s price target on Progressive to $247 from $228 and keeps an Overweight rating on the shares. Heading into March results, the firm believes investors are focused on how combined ratio will trend for rest of the year and notes that it sees the potential for “high 80s to low 90s” combined ratio to be “much more durable than previously expected” given the growth trajectory year-to-date. However, the firm also believes policies-in-force, or PIF, growth will continue to grow at a “relatively slow pace.”