Morgan Stanley raised the firm’s price target on Progressive (PGR) to $320 from $310 and keeps an Overweight rating on the shares. The firm expects 24%-plus ROE for 2026 and 2027 should be durable going forward, supported by a higher level of investment yield than previously. While the firm admits the company is “over earning vs historicals,” it believes Progressive remains attractive on a lower, normalized earnings level, the analyst tells investors.
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