Joshua Shanker, an analyst from Bank of America Securities, reiterated the Buy rating on Progressive (PGR – Research Report). The associated price target is $261.00.
Joshua Shanker has given his Buy rating due to a combination of factors surrounding Progressive’s focus on growth and historical performance. Progressive’s intention to increase advertising spend and enhance engagement with customers and agents is poised to drive policycount growth. This growth is anticipated to surpass historical norms, despite a previous shedding of policies, especially in Florida. Shanker believes that as the effects of non-renewals subside, the growth in the long-term value Robinson category will accelerate.
Furthermore, Shanker highlights Progressive’s impressive track record as one of the top performers in the S&P 500, with a compound annual growth rate (CAGR) that places it in the top quintile for performance yet with one of the lowest levels of volatility. In terms of valuation, Progressive’s stock trades at a discount relative to the S&P 500 consensus earnings per share for 2025, which suggests room for upward adjustment. Shanker’s increased price objective to $261 indicates confidence in the stock’s potential for appreciation, coupled with the company’s strong business momentum and relatively lower risk profile.
In another report released on February 27, Jefferies also assigned a Buy rating to the stock with a $218.00 price target.
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Progressive (PGR) Company Description:
The Progressive Corporation is one of the leading auto insurers in the United States. The company also offers residential property insurance, reinsurance, and other specialty property-casualty insurance and related services. Its Personal Lines business unit covers insurance for personal automobiles, recreational and other vehicles. Under the Commercial Lines division, Progressive writes primary liability and physical damage insurance for automobiles owned by small businesses. Its Property segment offers residential property insurance for homeowners, renters and other property owners.
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