Morgan Stanley analyst Bob Huang maintains $Progressive (PGR.US)$ with a buy rating, and adjusts the target price from $300 to $310.
According to TipRanks data, the analyst has a success rate of 73.9% and a total average return of 8.2% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Progressive (PGR.US)$'s main analysts recently are as follows:
In a seasonally quiet quarter, Progressive has impressively added nearly as many personal auto policies-in-force in Q3 as the totals of full years 2021 and 2022 combined. This performance is seen as remarkable and positions the company strongly in the personal auto insurance market.
Progressive experienced a significant addition of 394,000 personal auto policies in September, marking a 1.8% rise from the previous month. The company has consistently averaged a 1.9% monthly increase in policycount over the last seven months. It is anticipated that personal auto policycount growth will exceed 20% by 2024.
The company's September earnings exceeded expectations, influenced by a rise in organic policy count PIF growth along with increased investment yields.
Note:
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