BMO Capital analyst Michael Zaremski lowered the firm’s price target on Progressive (PGR) to $279 from $281 and keeps an Outperform rating on the shares after its July results. The firm is cutting its Written Premiums estimate on weaker premiums-per-policy trends, primarily in Home and Commercial Lines, the analyst tells investors in a research note. Progressive’s pricing power is fading, but BMO believes the company can continue to drive better-than-expected growth supported by efficient and growing ad spend.
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