Jefferies lowered the firm’s price target on Progressive (PGR) to $216 from $230 and keeps a Hold rating on the shares. The firm updated its model following December results and lowered its EPS estimates for 2026-2028, largely on slightly higher Personal Auto estimates. The firm added that it expects continued competitive pressure to impact underlying loss ratios in Auto off strong levels, and tweaked expense ratios higher in the out-years.
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