Wells Fargo analyst Elyse Greenspan maintained a Buy rating on Progressive (PGR – Research Report) today and set a price target of $328.00.
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Elyse Greenspan has given her Buy rating due to a combination of factors that highlight Progressive’s strong financial performance despite some areas of concern. The company’s earnings per share for April exceeded expectations, driven by better-than-anticipated results in underlying loss ratios and expense management. Additionally, Progressive outperformed in key areas such as personal auto, property, and commercial auto combined ratios, with catastrophe losses coming in lower than projected.
However, Greenspan also noted some challenges, such as weaker-than-expected growth in policies in force and net premium growth. Despite these setbacks, the overall financial health and operational efficiency of Progressive, as demonstrated by their ability to manage expenses and maintain favorable loss ratios, support the Buy rating. The company’s resilience in managing catastrophe losses and reserve releases further bolsters confidence in its stock performance.