Jefferies analyst Andrew Andersen has lowered the price target for Progressive Corp. (PGR) to $216 from a previous $230. The firm opted to maintain its "Hold" rating on the stock following a comprehensive update to its financial models. The downward revision is primarily driven by expectations of higher liability and expense ratios within the Personal Auto segment for the 2026-2028 period. Andersen noted that anticipated competitive pressures are likely to impact the company's cost structure in the coming years. Despite the lower price target, Jefferies' earnings per share (EPS) forecasts remain slightly above the broader market consensus. This adjustment reflects a cautious stance on the insurance giant's long-term margin profile amid evolving industry dynamics.
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