BofA raised the firm’s price target on Progressive (PGR) to $326 from $316 and keeps a Buy rating on the shares after the company reported April operating EPS of $1.68 and April net personal auto policycount growth of 267,000. While April delivered an EPS beat, the firm’s FY25 forecast declines by 15c due to a slightly higher, albeit declining, expense ratio as it incorporates higher advertising spend dollars into its model. The firm is raising its price objective despite forward EPS forecast declines of 1.3% and 1.4% for FY26 and FY27, respectively, the analyst noted.
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Read More on PGR:
- Progressive’s Strong Margins and Efficient Management Justify Buy Rating Despite Policy Growth Slowdown
- Progressive Releases April 2025 Financial Results
- Progressive’s Strong Financial Performance and Growth Potential Justify Buy Rating
- Progressive reports April EPS $1.68 vs. 72c last year
- Progressive price target raised to $330 from $320 at Morgan Stanley