These Analysts Revise Their Forecasts On Progressive After Q1 Earnings

The Progressive Corporation PGR posted weaker-than-expected first-quarter results on Wednesday.

Progressive posted adjusted earnings of $4.66 per share, missing market estimates of $4.81 per share. The company's quarterly sales came in at $19.409 billion missing expectations of $21.626 billion.

Progressive shares fell 2.1% to trade at $269.42 on Thursday.

These analysts made changes to their price targets on Progressive following earnings announcement.

• B of A Securities analyst Joshua Shanker maintained Progressive with a Neutral rating and raised the price target from $289 to $297.
• BMO Capital analyst Michael Zaremski maintained the stock with an Outperform rating and increased the price target from $282 to $288.
• Keefe, Bruyette & Woods analyst Meyer Shields downgraded Progressive from Outperform to Market Perform and maintained the price target of $288.

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