Wells Fargo Sticks to Their Hold Rating for Progressive (PGR)

Wells Fargo analyst Elyse Greenspan maintained a Hold rating on Progressive (PGRResearch Report) today and set a price target of $81. The company’s shares opened today at $74.18.

Greenspan wrote:

“We are raising our 2019 EPS estimate to $5.50 from $5.20, raising our 2020 EPS estimate to $5.75 from $5.40 and raising our 2021 estimate to $6.00 from $5.90 largely based on stronger underlying loss ratio estimates. Our price target goes to $81 from $78. The shares significantly outperformed today driven by a strong underlying margin, in our view.”

According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 5.1% and a 62.3% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Progressive with a $79.40 average price target, a 7.0% upside from current levels. In a report issued on May 13, Buckingham also maintained a Hold rating on the stock with a $64 price target.

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The company has a one-year high of $78.59 and a one-year low of $56.71. Currently, Progressive has an average volume of 2.95M.

Based on the recent corporate insider activity of 114 insiders, corporate insider sentiment is negative on the stock.

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.

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