BofA raised the firm’s price target on Progressive (PGR) to $337 from $333 and keeps a Buy rating on the shares. Progressive shares have declined by 7% since the Trump Administration “Liberation Day” tariff announcement, notes the analyst, who believes that Progressive’s underperformance is chiefly due to a rotation out of non-bank financials and into banks. The market multiple has risen, while the firm’s normalized 2027 EPS forecast has fallen modestly to $16.02 from $16.23 previously, which taken together leads the firm’s price target to rise to $337 when also accounting for a “healthy” $8 per share special dividend, the analyst noted.
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Read More on PGR:
- Progressive’s Undervalued Stock and Growth Potential: A Buy Recommendation by Joshua Shanker
- Progressive price target lowered to $287 from $297 at Barclays
- Hold Rating for Progressive Amidst Competitive Pressures and Valuation Concerns
- Progressive downgraded to Equal Weight from Overweight at Morgan Stanley
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