Progressive price target raised to $293 from $276 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Progressive to $293 from $276 and keeps a Buy rating on the shares. After the company reported June operating EPS of $1.34 that was a beat compared to the firm’s forecast, BofA notes the total Q2 result of $2.65 exceeded its forecast of $1.79 and the Street consensus of $1.90. With material upside potential to its price target and “much-higher-than-consensus” EPS forecast of 2025 “normalized” EPS of $12.73, up from $12.53, the firm reiterates a Buy rating on Progressive.