UBS Reiterates Neutral Rating on Progressive Corp. (PGR) Amid Growing Competition

UBS analyst Brian Meredith reiterated a Neutral rating and $245.00 price target on Progressive Corp. (NYSE: PGR).

The analyst commented, "We would expect a modestly positive market reaction to the EPS beat, better than expected PIF in both Agency and Direct, and in line underlying loss ratio. The earnings beat vs. UBSe for October was driven by lower than expected catastrophe losses and better prior reserve development. This month, PGR was also impacted by policyholder credit expenses in Florida, but at much smaller magnitude ($73m vs. $950m last month). As expected, the underlying loss ratio continues to increase sequentially (reaching 68.8%, +1.7pts m/m) but was roughly in line with our estimates. We remain Neutral on PGR amid increasing competition, more modest market share gains and higher underlying loss ratios heading into 2026 as pricing runs below loss trend and claims frequency trends likely normalize."

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 $222.93 yesterday.

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