Bank of America (BofA) has adjusted its price target for Progressive Corporation (PGR, Financial), elevating it to $297, up from a previous target of $289. The firm has maintained its Neutral rating for the insurer's stock.
The revision comes on the heels of Progressive's impressive performance in March, with the company adding 572,000 net personal auto policies. This figure stands in stark contrast to the more modest addition of 239,000 policies in February.
March's growth, reflecting a 2.35% month-over-month increase, marks the strongest performance for that month since at least 2002. This robust expansion has led BofA to project that Progressive will end the year with an additional 800,000 personal auto customers than previously expected.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 16 analysts, the average target price for Progressive Corp (PGR, Financial) is $299.31 with a high estimate of $324.00 and a low estimate of $266.00. The average target implies an upside of 8.79% from the current price of $275.13. More detailed estimate data can be found on the Progressive Corp (PGR) Forecast page.
Based on the consensus recommendation from 22 brokerage firms, Progressive Corp's (PGR, Financial) average brokerage recommendation is currently 2.4, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Progressive Corp (PGR, Financial) in one year is $245.40, suggesting a downside of 10.81% from the current price of $275.13. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Progressive Corp (PGR) Summary page.
