Wells Fargo raised the firm’s price target on Progressive (PGR) to $333 from $328 and keeps an Overweight rating on the shares. The firm notes the stock traded down on the slowdown in auto PIF growth, which to Wells seems overdone as the month away from PIFs was very strong and the +246k of policy additions screens well vs the +51k vehicles in force ALL added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PGR:
- Progressive’s Strong Performance and Growth Potential Justify Buy Rating
- Elyse Greenspan Reaffirms Buy Rating for Progressive, Citing Strong Market Position and Growth Potential
- Progressive’s Strong Financial Performance and Market Positioning Justify Buy Rating
- Progressive’s Strong Financial Performance and Growth Potential Justifies Buy Rating
- Jefferies sees pressure on Progressive stock following May results