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Investing.com - Raymond James has lowered its price target on Progressive Corp. (NYSE:PGR) to $265.00 from $305.00 while maintaining an Outperform rating on the insurance company’s stock. The stock, currently trading at $221.74, appears undervalued according to InvestingPro analysis, with technical indicators suggesting oversold conditions.
The firm notes that Progressive was the second-largest personal auto insurer by premium in 2024, generating over $74 billion in consolidated net premiums written during the year.
Raymond James highlights that among the top 10 personal lines market share holders, Progressive has spent the most on advertising over each of the last five years, which has fueled the company’s industry-leading policies-in-force (PIF) count growth.
The firm also points out that Progressive generated the largest return on beginning equity, approximately 42%, out of all public large-cap non-life carriers in 2024.
Despite the price target reduction, Raymond James continues to view Progressive favorably with its Outperform rating, suggesting confidence in the company’s market position and financial performance.
In other recent news, Progressive Corp. has seen several adjustments to its stock price targets from various analyst firms. Keefe, Bruyette & Woods raised its price target for Progressive to $270 from $268, following the company’s August 2025 earnings report, which led to an upward revision of earnings per share estimates for future years. Conversely, BMO Capital lowered its price target to $247 from $252, citing ongoing "soft" pricing-power conditions in the insurance industry, although they later raised it again to $252 due to a modestly improved outlook for net investment income and premium growth. Wells Fargo also reduced its price target to $246 from $266, pointing to slowing growth in personal auto policies and a weaker underlying loss ratio. Evercore ISI lowered its target to $250 from $273, noting increased competition and a miss on policies in force, along with a higher expense ratio. These recent developments reflect varied analyst perspectives on Progressive’s financial outlook amid industry challenges.
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