Goldman Sachs analyst Robert Cox lowered the firm’s price target on Progressive (PGR) to $245 from $276 and keeps a Buy rating on the shares. Personal Auto premium-per-policy is expected to decline about 3% over the next two years, though stability in state filings should moderate the pace, the analyst tells investors in a research note. Strong ad spend and substantial excess capital support upside to PIF estimates and expanded capital returns through both buybacks and dividends, Goldman says.
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