- The shares of Progressive Corp (NYSE: PGR) have received a $118 price target from Evercore. These are the details.
The shares of Progressive Corp (NYSE: PGR) have received a $118 price target from Evercore. And Evercore analyst David Motemaden upgraded Progressive to an “Outperform” rating from an “In-Line” rating.
Motemaden noted that the bar for the company is fairly low on loss ratio expectations and if investors are starting to see the year-over-year loss ratio deterioration stabilize and then moderate, it could be a catalyst for shares to outperform.
Going forward, Motemaden sees the deterioration moderating in January or February and also notes that these are seasonally favorable months. Plus Motemaden expects the loss ratio to start to improve in July based on his detailed frequency versus the severity and earned rate assumptions.
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