Progressive Corp. (PGR) PT Raised to $335 at BofA Securities

BofA Securities analyst Joshua Shanker raised the price target on Progressive Corp. (NYSE: PGR) to $335.00 (from $331.00) while maintaining a Buy rating.

The analyst comments "Progressive’s October 2024 EPS results came in ahead of a consensus average of around $0.60-0.65, albeit below our forecast of $0.86. Variances with our forecast include catastrophe losses of $254mn being well-below our forecast of $516mn, a $0.35/sh tailwind. This was more than offset by the accident-year ex-catastrophe loss ratio of 72.3% being materially higher than our 66.6% forecast (and over 800bps higher than September 2024), a $0.49/sh headwind. Finally, $156mn of net favorable prior-year loss reserve development compared with our forecast of none, adding $0.21/sh."

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