Roth MKM raised the firm’s price target on Progressive to $290 from $270 and keeps a Buy rating on the shares after its August earnings topped expectations. Progressive’s Underwriting was “very good” with a company-wide combined ratio of 85.8%, well below its long-term objective of 96%, and every reporting segment came in with a combined ratio below 96%, the analyst tells investors in a research note. Progressive went through the recent auto cycle almost untouched, and the firm expects more personal auto growth as underwriting is at a point where they will try to grow as fast as they can, Roth MKM added.
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