Keefe, Bruyette & Woods upgraded its rating of Progressive PGR to Market Perform with a price target of $107.00, changing its price target from $96.00 to $107.00.
Shares of Progressive are trading up 4.85% over the last 24 hours, at $115.07 per share.
A move to $107.00 would account for a 7.01% decrease from the current share price.
Progressive underwrites private and commercial auto insurance and specialty lines; it has over 20 million personal auto policies in force and is the fourth- largest auto insurer in the United States. Progressive markets its policies through independent insurance agencies in the U.S. and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.
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