UPDATE: Jefferies Upgrades Progressive Corp. (PGR) to Buy

October 7, 2022 5:40 AM EDT
Get Alerts PGR Hot Sheet
Price: $130.02 -1.18%

Rating Summary:
    10 Buy, 13 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 17 | New: 16
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(Updated - October 7, 2022 7:52 AM EDT)

Jefferies analyst Yaron Kinar upgraded Progressive Corp. (NYSE: PGR) from Hold to Buy with a price target of $142.00 (from $123.00).

The analyst commented, "The upgrade is based on (1) better relative positioning compared to peers, which should allow PGR to standout in margin improvement this quarter, and take market share over the next couple of years with limited ad spend increase, (2) accelerating NII, (3) valuation roll-forward based on our above Street estimates, particularly for 2024 and (4) revisit of our assigned multiple given the early stage of the personal auto cycle and defensive positioning. $142 PT, 17% potential upside."

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 $121.92 yesterday.

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