Goldman Sachs Upgrades Progressive Corp. (PGR) to Buy

Goldman Sachs upgraded Progressive Corp. (NYSE: PGR) from Neutral to Buy with a price target of $28.00.

Analyst Michael Nannizzi said, "We are upgrading PGR to Buy and raising our 12-month price target to $28 on our view of strength in personal lines, a surprisingly strong capital deployment story, and seasonal strength for PGR’s recreationally-heavy book of exposures. Although competition is heating up in PGR’s Agency business, we believe the downside risk is manageable given our otherwise favorable view."

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 $25.02 yesterday.

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