Progressive price target raised to $280 from $262 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Progressive to $280 from $262 and keeps a Buy rating on the shares. The firm is updating its model to reflect improvements in the company’s policies-in-force growth rate and underlying loss ratio expectations in personal auto, which are somewhat offset by an increase in its personal lines expense ratio assumptions, the analyst tells investors in a research note. The firm adds that it is raising its 2024/2025/2026 EPS estimates by 13%, 3%, and 3%, respectively, with the 2024 estimate change driven by the company’s earnings beat for August.