Wells Fargo Keeps a Hold Rating on Progressive (PGR)
In a report released yesterday, Elyse Greenspan from Wells Fargo maintained a Hold rating on Progressive (PGR), with a price target of $81. The company’s shares closed last Monday at $75.58.
“We are increasing our 2019 EPS estimate to $5.50 from $5.45 to reflect the earnings beat, partially offset by lower premium growth. We are lowering our 2020 EPS estimate to $5.70 from $5.75 and we are maintaining our 2021 EPS estimate of $6.10. Our price target is unchanged at $81. The shares traded down today likely as the slowdown in premium written more than overshadowed the EPS beat.”
According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 4.0% and a 59.2% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.
Progressive has an analyst consensus of Strong Buy, with a price target consensus of $86.14.
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The company has a one-year high of $84.96 and a one-year low of $56.71. Currently, Progressive has an average volume of 2.76M.
Based on the recent corporate insider activity of 110 insiders, corporate insider sentiment is negative on the stock.
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