BMO Capital has adjusted its price target for Progressive (PGR, Financial), increasing it from $282 to $288. This decision follows the company’s first-quarter results, and BMO Capital maintains an Outperform rating on the shares. Despite indications that Progressive's pricing power might be diminishing, the firm remains optimistic about the insurer's potential for growth.
The belief is that Progressive will continue to achieve growth that exceeds expectations, largely driven by its strategic and expanding advertising expenditure. This suggests that even in the face of pricing challenges, the company's marketing efforts could bolster its performance moving forward.
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.
