Progressive Corp. (PGR) PT Raised to $260 at BMO Capital

BMO Capital analyst Michael Zaremski raised the price target on Progressive Corp. (NYSE: PGR) to $260.00 (from $247.00) while maintaining a Market Perform rating.

The analyst comments "PGR only repurchased a token $24m in October; however, we continue to estimate it will repurchase in the low billions through 2026 if the stock's P/E multiple stays below 15x (vs. ~13.7x today). We estimate PGR's P/E will remain in that range given heightened competitive levels persisting for the foreseeable future, which is ultimately why we have resisted upgrading shares to OP. How much excess capital does Progressive have? ~$7bn currently, plus another $2-3bn if PGR issued debt to take financial leverage closer to target levels."

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