Progressive upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded Progressive to Outperform from Market Perform with a price target of $180, up from $155. The company’s “pivot back to offensive growth” during a time when many of its peers continue to “heal” is highly likely in the coming months, aided by double-digit auto inflationary pressures decelerating off all-time highs, the analyst tells investors in a research note. Meanwhile, Progressive’s pricing power has reached even higher mid/high-teens levels, says BMO.