The Progressive Corporation (PGR) announced impressive financial results for the month of July, exceeding analysts’ expectations. The company reported earnings of $1.38 per share and net premiums written of $6.378 billion. Following this positive news, Progressive shares climbed 5.4% to close at $234.34 on Wednesday.
The strong performance prompted several analysts to adjust their price targets on Progressive. Goldman Sachs analyst Alex Scott upgraded the stock from Neutral to Buy and raised the price target from $230 to $262. Piper Sandler analyst Paul Newsome maintained his Overweight rating but boosted the price target from $250 to $252. Wells Fargo analyst Elyse Greenspan also maintained an Overweight rating and increased the price target from $262 to $281.
These analyst reactions indicate a positive sentiment surrounding Progressive and its future prospects. The company’s strong earnings and positive analyst outlook make it a compelling investment opportunity for those seeking growth and stability in the insurance sector.
