Progressive upgraded to Buy at BofA after 8% pullback, ‘growthiest’ month ever

BofA upgraded Progressive (PGR) to Buy from Neutral with a price target of $312, up from $297. In the 15 trading sessions since the firm downgraded Progressive earlier this month, shares fell 8%, while the company also announced March results, adding a net 572,000 new personal auto customers in the “growthiest” month in its history on a nominal basis and the best March in its history on a percentage basis since at least 2002, the analyst tells investors. The firm went from seeing low-single-digit upside as of the April 3 close to more than 20% upside potential following the April 25 close at its new price target the analyst noted.