Goldman Sachs Reiterates Neutral Rating on Progressive Corp. (PGR)

Goldman Sachs analyst Alex Scott reiterated a Neutral rating and $292.00 price target on Progressive Corp. (NYSE: PGR).

The analyst comments "The primary changes to our model are improvements to our near-term PIF growth and underlying loss ratio expectations in personal auto, as well as an increase to our near-term assumption for the personal lines expense ratio and updated October catastrophe loss estimates to reflect PGR's $325mn Hurricane Milton insured loss estimate. We increased our near-term PIF growth and expense ratio projections in personal lines, due to a modest increase in our expectations for advertising spend and advertising efficiency. We improved our near-term underlying loss ratio expectations for personal auto, as we evaluate market conditions and the sustainability of recent underlying loss trends. We also update our view of PGR investment income to reflect updated assumptions for short-to-medium term fixed income yields. Ultimately, we update our 2024/2025/2026 EPS estimates by -1%/+1%/0%, respectively. We maintain our 12 month target price of $292, representing an 18% total return."

For an analyst ratings summary and ratings history on Progressive Corp. click here. For more ratings news on Progressive Corp. click here.

Shares of Progressive Corp. closed at $251.12 yesterday.

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