Progressive Corp. (PGR) PT Raised to $147 at Jefferies

Jefferies analyst Yaron Kinar raised the price target on Progressive Corp. (NYSE: PGR) to $147.00 (from $142.00) while maintaining a Buy rating.

The analyst commented, "In-line with our Buy thesis, mgmt struck a bullish tone on positioning for mkt share gains and growth in personal auto, pointing to the best quote volume in the company's history (leading indicator), and affirming that PGR's major rate increases are largely done - unlike for competitors. We also meaningfully increase our NII est., the primary driver for the 10% increase to our 2024E, to $9.55. PT up $5, to $147, reflecting higher EPS offset by lower multiple."

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