UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on Progressive Corporation on January Operating EPS

In a report published Friday, Bank of America reiterated its Neutral rating on Progressive Corporation PGR, and raised its price target from $23.00 to $25.00. Bank of America noted, “January operating EPS of $0.18 beat our estimate. The beat was driven by the underlying loss ratio. There may have been some seasonality to the monthly figure; still, we modestly improved our loss ratio going forward. Net premiums grew 5.5%, below our 7.6% forecast, and policy-in-force growth slowed notably. Investment income and the expense ratio were both slightly worse than we modeled.” Progressive Corporation closed on Thursday at $24.10.