JPMorgan Raises Progressive Price Target to $250 on Positive Outlook

JPMorgan Chase & Co. has raised its price target for Progressive (NYSE: PGR) from $241.00 to $250.00, according to a report released on Monday. The brokerage maintains a "neutral" rating on the insurance provider's stock, suggesting a potential upside of 18.55% from the previous close.

Other analysts have also weighed in on Progressive. BMO Capital Markets reaffirmed a "market perform" rating, while Roth Capital reissued a "buy" rating with a $245.00 price target. Goldman Sachs Group restated a "buy" rating with a $230.00 price target, and UBS Group maintained a "neutral" rating. Morgan Stanley upgraded the stock from "underweight" to "equal weight" and raised its price target from $190.00 to $210.00.

The stock has received mixed ratings, with seven analysts giving it a "buy," thirteen a "hold," and two a "sell." The average price target across analysts is $235.37, with the stock currently trading at $210.88. Progressive reported strong quarterly earnings, beating estimates with $5.67 earnings per share and revenue of $23.61 billion.

Insider activity includes sales by Steven Broz and Karen Bailo, who sold shares under pre-arranged trading plans. Institutional investors own 85.34% of the company's stock, with several recent changes in their positions.