Progressive price target raised to $290 from $280 at Keefe Bruyette

Keefe Bruyette analyst Meyer Shields raised the firm’s price target on Progressive to $290 from $280 and keeps an Outperform rating on the shares after its Q3 earnings beat. The firm is adjusting its model with lower FY24 EPS view of $12.60 from $13.35 on higher expected catastrophe losses but raises its FY25 view by 30c to $12.60 and its FY26 view by 5c to $13.70 to reflect faster premium growth and lower core loss ratios, the analyst tells investors in a research note.