Analyst Elyse Greenspan from Wells Fargo maintained a Buy rating on Progressive (PGR – Research Report) and increased the price target to $333.00 from $328.00.
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Elyse Greenspan has given her Buy rating due to a combination of factors that highlight Progressive’s strong market position and growth potential. Despite a recent slowdown in auto policies in force (PIF) growth, Greenspan views this as an overreaction by the market, noting that the company’s policy additions remain robust compared to competitors. This positions Progressive well for continued growth in the short to intermediate term, especially given their favorable year-to-date combined ratio, which allows them flexibility in managing growth and potential tariff pressures.
Additionally, Greenspan has raised her earnings per share (EPS) estimates for 2025, driven by better-than-expected performance and favorable financial metrics such as a lower expense ratio and higher net investment income. The price target for Progressive’s stock has also been increased, reflecting these positive adjustments. While there has been a noted slowdown in advertising spend, this is seen as a seasonal trend, and Progressive’s expense ratio is expected to improve later in the year. Overall, Greenspan sees Progressive as well-positioned to maintain strong margins and take market share, making it an attractive investment opportunity.
According to TipRanks, Greenspan is a 5-star analyst with an average return of 7.1% and a 58.72% success rate. Greenspan covers the Financial sector, focusing on stocks such as Progressive, American International Group, and Arthur J Gallagher & Co.
In another report released on June 18, BMO Capital also maintained a Buy rating on the stock with a $288.00 price target.