BMO Capital Reiterates Outperform Rating on Progressive Corp. (PGR)

BMO Capital analyst Michael Zaremski reiterated an Outperform rating and $282.00 price target on Progressive Corp. (NYSE: PGR).

The analyst commented: "Repair Shops Seeing Continued Negative Frequency Trends; Cutting our NTM organic est. by ~20.0% to +9.2% given seasonally strong Feb. organic-growth results missed us by ~50bps, despite management's recent comments about late winter's positive-growth seasonality being intact (=tax refund season). We nevertheless give management the benefit of the doubt and assuming a bit of a recovery (+1.1% m/m in March=20bps better than March's usual ~10bps m/m deceleration). YTD's lower organic growth baseline causes us to cut our NTM trajectory by ~2-percentage-points, which brings '25/'24 organic growth down to 9.2% which we estimate will land ~1pt below consensus (consensus is currently 11% and is likely to drift down to 10% after today's EPS print)."

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 $273.29 yesterday.

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