Goldman Sachs Upgrades Progressive Corp. (PGR) to Neutral

Goldman Sachs upgraded Progressive Corp. (NYSE: PGR) from Sell to Neutral with a price target of $34.00 (from $29.00).

Analyst Michael Nannizzi comments "...we do not see catalysts for sudden margin improvement, estimates have fallen modestly for 2017 and we believe investors have reset
expectations lower. Additionally, PGR’s short-duration portfolio means that the company would realize more of an earnings benefit from higher yields and less of a book value hit versus peers. As the company tends to trade on earnings rather than book value, we believe this factor will also support valuation going forward."

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 $35.72 yesterday.

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