UPDATE: Credit Suisse Upgrades Progressive to Outperform

Credit Suisse raises its rating on Progressive

to Outperform from Neutral and raises its target price from $21 to $26 on expectation of growth in policies in force (

). Credit Suisse notes, "Our positive thesis is centered around (1) Geico and most other major auto insurance peers taking more meaningful rate actions throughout 2012 in order to earn underwriting profits; allowing PGR to speed up market share gains, and to a lesser extent (2) margin cushion given our expectations for auto collision frequencies to decline due to high gas prices (correlated with less miles driven)." PGR closed at $23.07 a share on Tuesday.