Progressive upgraded to Overweight from Underweight at Wells Fargo

Wells Fargo analyst Elyse Greenspan double upgraded Progressive to Overweight from Underweight with a price target of $158, up from $116. The company has "turned the corner on growth," which will drive the stock from here, the analyst tells investors in a research note. The analyst also thinks the market will reward defensive stocks amid the current credit concerns. The firm increased estimates for Progressive to reflect stronger premium growth and better underlying margins. The better current accident year results, combined with higher policy growth, should send the company’s earnings higher, contends Wells.