Jefferies analyst Yaron Kinar expects shares of Progressive to outperform today after the company reported May operating earnings per share of 26c, which misses the firm’s 86c estimate. The miss was due to pronounced catastrophe activity and higher attritional loss ratios in commercial and property, the analyst tells investors in a research note. Against that, Jefferies found Progressive’s performance in the core personal auto business to offer a “strong beat.” It expects the stock to outperform on the personal auto results, despite the catastrophe -driven miss. The firm has a Buy rating on Progressive with a $245 price target.
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