Progressive upgraded to Buy from Neutral at Citigroup Citigroup upgraded Progressive to Buy on citing an attractive valuation and its belief underwriting spreads will improve. Citi raised its price target for shares to $29 from $27.
Progressive March EPS beat expectations, says Wells Fargo Wells Fargo said Progressive's March operating EPS of 19c topped the firm's 13c estimate and meant its Q1 EPS came in at 46c, which was above the firm's 40c estimate and the consensus forecast of 43c. The firm keeps a Market Perform rating on Progressive, noting that it believes its shares could contract to a level closer to other personal lines peers as the company takes on more earnings volatility with its ASI acquisition.
Progressive reports Q1 EPS 50c, consensus 43c Reports Q1 net premiums written up 8% to $5.07B and net premiums earned up 6% to $4.67B. Reports Q1 combined ratio of 92.7, down 0.7 pts. from prior year. Reports Q1 total pretax net realized gains on securities $33.0M, down 72% YoY.