Progressive Corp. (PGR) PT Lowered to $237 at BMO Capital

BMO Capital analyst Michael Zaremski lowered the price target on Progressive Corp. (NYSE: PGR) to $237.00 (from $239.00) while maintaining a Outperform rating.

The analyst commented, "We increase our near-term (2H24) organic policy count "PIF" growth estimates, but lower our 2025-26 growth estimates modestly based on new data points regarding PGR's Direct to Consumer channel acquisition strategy. Our PIF estimates are +4% and +7% above consensus as of year-end 2025/2026, respectively. While our EPS estimates increase slightly on a lower expense ratio, our target price falls to $237 (from $239) given modestly lower growth. Our methodology applies a ~19x multiple on our "normalized" 2025e EPS, which assumes a 92.5% combined ratio."

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