Progressive price target raised to $251 from $242 at JPMorgan

JPMorgan analyst Jimmy Bhullar raised the firm’s price target on Progressive to $251 from $242 and keeps an Overweight rating on the shares. The firm’s fundamental outlook for the property and casualty sector “remains upbeat” into the Q3 reports, but says optimistic expectations, bullish sentiment, and valuations temper its views on stocks. Continued firm pricing and the group’s defensive risk profile are key positives, but expectations for margins at underwriters and sales growth at brokers are optimistic, the analyst tells investors in a research note.