Progressive gains after Bank of America reinstates "buy" rating

RefinitivLess than 1 min read

** Progressive Corp's PGR shares rise 1.1% to $267.97 after Bank of America analysts upgraded the property and casualty insurer to "buy" from "neutral"

** Earlier this month, BofA downgraded PGR to "neutral" from "buy" and cut its PT to $287 from $300

** But BofA says in the intervening 15 trading days (an uncommonly short time to reverse a recommendation change), PGR shares fell 8%, underperforming the S&P 500 by more than 1,000bps

** "Further, on April 16, Progressive announced March 2025 results, adding a net 572,000 new personal auto customers-the "growthiest" month in its history on a nominal basis and the best March in its history on a percentage basis (since at least 2002)," said BofA analysts led by Joshua Shankar in an investor note

** BofA has now raised its PT to $312 from $297

** Among 22 analysts that PGR, avg rating is "BUY" and median PT is $301

** PGR is up ~12% YTD while S&P 500 financial index SPF is flat in the same period