BofA Securities analyst Joshua Shanker maintains $Progressive (PGR.US)$ with a buy rating, and sets the target price at $319.
According to TipRanks data, the analyst has a success rate of 64.4% and a total average return of 11.3% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Progressive (PGR.US)$'s main analysts recently are as follows:
Despite an active period for global catastrophes in Q3, it is anticipated that catastrophe losses will remain manageable for property and casualty insurers. Looking ahead to Q4, provisional losses from Hurricane Milton have been factored into forecasts, although the full impact remains uncertain due to the recent landfall of the storm. Adjustments in the sector's outlook take into account the quarter's events and changes in P/E multiples.
The fundamental outlook for the property and casualty sector is viewed positively heading into the Q3 reports. This sentiment is slightly tempered by the already optimistic expectations, bullish sentiment, and current valuations. Key advantages include continued strong pricing and the sector's defensive risk profile. However, the current expectations for margins at underwriters and sales growth at brokers are considered to be on the optimistic side.
The third-quarter results, especially for reinsurers, could be influenced by the recent Hurricane Milton. There is an optimistic outlook on the Personal sector due to improving margins and an increase in policies-in-force. Catastrophe losses for the third quarter are anticipated to be below the five-year seasonal average, yet significantly higher than the same period in the previous year, which may present risks for primary insurers.
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