Progressive price target raised to $348 from $338 at BofA

BofA raised the firm’s price target on Progressive (PGR) to $348 from $338 and keeps a Buy rating on the shares. Following a robust positive 273k in October, November’s number seems particularly light, the firm says. After 4-plus years of seasonal aberrations, policycount growth trends seem to be reverting to long established historical patterns where policycount growth is decidedly first-half weighted, adds BofA. The firm highlights that margins and EPS continue to be better than expected.