Progressive Corp. (PGR) PT Lowered to $208 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Meyer Shields lowered the price target on Progressive Corp. (NYSE: PGR) to $208.00 (from $210.00) while maintaining a Market Perform rating.

The analyst commented, "We maintain our Market Perform rating on PGR’s shares and lower our target price to $208 (12.0x our 2027E EPS) from $210 following its March earnings report. We raise our 2026E EPS to $16.60 from $16.30, including the March outperformance to our estimate and assuming faster premium and investment income growth and lower catastrophe and expense ratios, partly offset by a higher core loss ratio and share count. We lower our 2027E EPS to $17.30 from $17.50, assuming slower premium growth, lower reserve releases, and a higher share count, partly offset by slightly higher investment income."

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