Progressive price target raised to $312 from $294 at BofA

BofA analyst Joshua Shanker raised the firm’s price target on Progressive to $312 from $294 and keeps a Buy rating on the shares. July 2024 was arguably “the company’s best single month of operations,” with Progressive adding 467,000 net personal auto policies and growing its customer base over 2% while also delivering a 12% underwriting margin, says the analyst. The firm is increasing its price target due to the S&P 500 P/E multiple expanding as well as an increased forecast for policycount growth, which lifts 2025 “normalized” earnings to $13.26 from $12.99 previously.