Wells Fargo raised the firm’s price target on Progressive (PGR) to $299 from $297 and keeps an Overweight rating on the shares. The firm highlighted in a research note on Friday that shares traded down post October earnings as the strong PIF growth in the month was offset by weaker underlying margin. Wells still sees Progressive best positioned to continue to take share given its 89.6% year-to-date combined ratio and its ad ramp-up. The firm remains a buyer.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PGR:
- Progressive reports October EPS 69c vs. 68c last year
- Progressive price target raised to $237 from $197 at TD Cowen
- Allstate price target raised to $186 from $175 at Wells Fargo
- Progressive price target raised to $277 from $267 at Barclays
- Progressive price target raised to $310 from $300 at Morgan Stanley