Progressive’s (PGR) May operating EPS beat Jefferies’ estimate, with personal auto underlying margins beating the firm’s estimate, Jefferies tells investors in a research note. Even with the stock underperforming over the last month, Jefferies expects weakness in Progressive shares on Wednesday on the net premiums written miss, higher underlying loyalty rewards, and policies-in-force results. The firm made no change to its Buy rating or $321 price target
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