Progressive price target lowered to $290 from $315 at Roth Capital

Roth Capital lowered the firm’s price target on Progressive (PGR) to $290 from $315 and keeps a Buy rating on the shares after its July results. The company’s underwriting results remain “excellent”, benefiting from 2.5 points of favorable loss reserve development, while catastrophe losses were also modest for the month, the analyst tells investors in a research note. The firm is reducing its price target however based on its 18.4-times forward earnings multiple.