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Stocks•13 February 2026•

1 min read

Jefferies Lowers Progressive Corp (PGR) Price Target to $216, Maintains Hold Rating

Logos of Mineralys Therapeutics and Jefferies on an orange background with financial charts, chemical structures, microscopes, lab equipment, vials, and pills.

Jefferies has adjusted its outlook on Progressive Corp (PGR), lowering the stock's price target to $216 from a previous $230. Analyst Andrew Andersen maintained a "Hold" rating on the shares, signaling a neutral stance despite the target reduction. The revision stems from updated models predicting higher liability and expense ratios within the personal auto segment for the 2026-2028 period. Increased competitive pressures are expected to weigh on the company's long-term financial metrics and margin expansion. However, Jefferies noted that its earnings per share (EPS) forecasts for the company remain slightly above the broader market consensus. This move reflects a cautious approach to the insurance giant's valuation amid evolving cost structures and anticipated industry shifts.

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