Barclays maintains an 'Equalweight' on Progressive Corp. (PGR); Q1 In Line; Stock Appears Fairly Valued
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Price: $220.34 --0%
Rating Summary:
14 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 17
Rating Summary:
14 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 17
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Barclays maintains an 'Equalweight' on Progressive Corp. (NYSE: PGR), PT $21.
Barclays analyst says, "We view PGR as one of the best-run companies in the P&C insurance industry as evidenced by its focused and differentiated auto insurance product offerings, consistent earnings, and peer-leading ROE. However, we are concerned results could be impacted by a rise in loss frequency trends due to increased miles driven as the impact of the recession eases, although rising gas prices could be a partial offset. PGR's valuation approaches fair value in our view at 2.22x stated BV (2.54x BV ex AOCI, 13.8x 2012E EPS of $1.55). All else equal, we would look for a pullback in PGR shares to under $20 (2x BV) before seeing attractive upside potential."
For more ratings news on Progressive Corp. click here and for the rating history of Progressive Corp. click here.
Shares of Progressive Corp. closed at $21.13 yesterday.
Barclays analyst says, "We view PGR as one of the best-run companies in the P&C insurance industry as evidenced by its focused and differentiated auto insurance product offerings, consistent earnings, and peer-leading ROE. However, we are concerned results could be impacted by a rise in loss frequency trends due to increased miles driven as the impact of the recession eases, although rising gas prices could be a partial offset. PGR's valuation approaches fair value in our view at 2.22x stated BV (2.54x BV ex AOCI, 13.8x 2012E EPS of $1.55). All else equal, we would look for a pullback in PGR shares to under $20 (2x BV) before seeing attractive upside potential."
For more ratings news on Progressive Corp. click here and for the rating history of Progressive Corp. click here.
Shares of Progressive Corp. closed at $21.13 yesterday.
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