Progressive Corp. (PGR) PT Raised to $290 at Roth/MKM, 'Ready to Grow'

Roth/MKM analyst Harry Fong raised the price target on Progressive Corp. (NYSE: PGR) to $290.00 (from $270.00) while maintaining a Buy rating.

The analyst comments "Progressive reported August 2024 operating EPS of $1.45 against our estimate of $0.78. We believe our estimate is likely in-line with the consensus estimate. Total personal auto policies-in-force (PIF) grew 14.8% Y/Y and 1.8% sequentially for the month, a very strong showing. We maintain our Buy rating and raise our price target to $290 from $270 based roughly on an 22x P/E multiple on our 2025 operating EPS estimate and a 4.8x multiple on 2025 expected book value excluding AOCI."

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