BofA raised the firm’s price target on Progressive (PGR) to $333 from $326 and keeps a Buy rating on the shares. The firm is forecasting net policycount growth of 251,000 in May, a decline from its prior personal auto policy in force forecast of 289,000, following an analysis of app data, the analyst tells investors. Despite the “modest estimate reduction,” the firm’s price target based on parity with the S&P 500 applied to a “margin-normalized” EPS forecast rises to $333, the analyst noted.
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