Progressive price target raised to $261 from $256 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Progressive to $261 from $256 and keeps a Buy rating on the shares. Progressive is consistently among the top performers in the S&P 500, but despite this performance and consistency, it sees no premium in its valuation, the analyst tells investors. With “plenty of upside potential,” healthy business momentum and a lower risk profile than the broad market as well as peer stocks, the firm keeps a Buy recommendation on the shares.