Citi analyst Matthew Heimermann lowered the firm’s price target on Progressive (PGR) to $261 from $300.60 and keeps a Buy rating on the shares. The firm is adjusting its EPS estimates – with 2026-2027 up and 2028-2029 coming down, the analyst tells investors in a research note. The increases reflect slightly better underwriting margins in the next two years due to base effects from 2025, while the reduction to out-year estimates reflects the removal of material share repurchase from 2026-2028, Citi added.
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