UPDATE: Deutsche Bank Reiterates Sell Rating, Raises PT on The Progressive Corporation Following September 2013 EPS Report

In a report published Friday, Deutsche Bank analyst Joshua Shanker reiterated a Sell rating on

, and raised the price target from $21.00 to $22.00. In the report, Deutsche Bank noted, “Progressive reported September 2013 EPS of 10cts, albeit including -4cts of after-tax catastrophe losses per share. In total 3Q13 saw approximately 13cts per month of EPS before catastrophes, running below the 15-16cts run-rate enjoyed for the past year. We believe the lower returns are not an anomaly, but rather represent the beginning of a period of margin compression at Progressive. We maintain our Sell rating on shares of its stock.” The Progressive Corporation closed on Thursday at $26.94.