BMO Capital analyst Michael Zaremski raised the firm’s price target on Progressive (PGR) to $260 from $247 and keeps a Market Perform rating on the shares after its October results. The company only repurchased a token $24M in October, but the firm continues to estimate it will repurchase in the low billions through 2026 if the stock’s P/E multiple stays below 15-times, the analyst tells investors in a research note. Progressive’s s margins have been consistently excellent as double-digit auto inflationary pressures are decelerating off all-time highs, BMO added.
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Read More on PGR:
- Progressive price target raised to $247 from $246 at Wells Fargo
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