Progressive price target raised to $286 from $279 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Progressive to $286 from $279 and keeps a Buy rating on the shares. The firm lowers its 2024 EPS projection marginally on slightly higher catastrophe losses and slightly lower investment float after Progressive reported April operating EPS of $1.07. While an April “consensus” is hard to be confident about, the firm says “we are high of the street for L9M24E, and Progressive largely delivered on our April expectation.”