Barclays Maintains an 'Overweight' on Progressive (PGR); 3Q11 Results Better than Expected

Barclays maintains an 'Overweight' on Progressive Corp. (NYSE: PGR) price target of $23.00.

Barclays analyst says, "PGR's 3Q11 results were better than we anticipated reinforcing our view that the company is gaining profitable market share particularly in its direct sales channel. Its auto insurance underwriting results could benefit from benign frequency trends reflecting reduced miles driven in a weak economy. PGR's valuation is attractive in our view at 1.96x BV." (Barclays raises FY11 EPS estimate from $1.40 to $1.45)

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 $18.50 yesterday.

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