Progressive Analysts Raise Their Forecasts After Better-Than-Expected Q3 Earnings

The Progressive Corporation PGR reported stronger-than-expected earnings for its third quarter on Friday.

Adjusted EPS of $2.09 beat the analyst consensus estimate of $1.72. The company disclosed that quarterly net premiums earned an increase of 20% Y/Y to $14.89 billion.

Progressive shares gained 1.2% to trade at $156.86 on Monday.

These analysts made changes to their price targets on Progressive following earnings announcement.

• Raymond James increased the price target on Progressive from $145 to $165. Raymond James analyst C. Gregory Peters maintained an Outperform rating.
• BMO Capital boosted the price target on Progressive from $145 to $155. BMO Capital analyst Michael Zaremski maintained a Market Perform rating.

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