Progressive price target raised to $275 from $257 at Evercore ISI

Evercore ISI raised the firm’s price target on Progressive to $275 from $257 and keeps an Outperform rating on the shares. The firm raised its price target following Progressive’s August earnings results, which outperformed on EPS due to better underlying underwriting. Evercore added that Auto PIF had another strong month beating estimates in August, and the firm continues to expect PIF growth beats driven by the company’s “ability to spend significantly more on advertising than peers.”