UPDATE: Goldman Sachs Raises PT on Progressive Following March Earnings Report

In a report published Monday, Goldman Sachs analyst Michael Nannizzi reiterated a Sell rating on The Progressive Corporation

, and slightly raised the price target from $21.00 to $22.00. In the report, Nannizzi noted, “Our 2013 and 2014 EPS estimates have increased as we now expect modestly better underwriting results in 2013 following 1Q13 results and higher investment income driven by more rapid portfolio growth at 1Q13 than we had anticipated which caused the invested asset base to rise. Our estimates for 2013/2014/2015 move to $1.57/$1.53/$1.62 from $1.54/$1.52/$1.66. We raise our 12-month price target to $22 from $21 to reflect higher EPS and book value estimates. We base our price target on forward earnings, book value, expected ROEs, and a composite of current and historical market multiples.” The Progressive Corporation closed on Friday at $25.59.