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 (NYSE: 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.
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