BMO Capital analyst Michael Zaremski lowered the price target on Progressive Corp. (NYSE: PGR) to $208.00 (from $232.00) while maintaining a Market Perform rating.

The analyst commented: "An Underappreciated AI Expense Ratio Beneficiary + MediaAlpha NDR Takes; We review KPIs from GEICO/Berkshire and Progressive's 10-K filings, and provide takeaways from our recent MediaAlpha NDR. Our 2027 PGR EPS estimate increases ~9% to levels in-line with the consensus (we are below '26 consensus by ~10% given our view that flat pricing-power will be overcome by low-single-digit claims inflation). Drivers include AI-related expense ratio efficiencies, which we unpack below."