BofA Sees Efficiency Gains Driving Progressive Corp (PGR) Upside Potential

BofA Securities maintains a Buy rating on The Progressive Corporation (PGR), increasing its price target to $312 from $298. Despite slightly lower-than-predicted March quarter earnings, the company showed improved cost efficiency with a reduced expense ratio. BofA adjusted its fiscal 2026 forecast downwards but raised out-year projections due to an anticipated increase in stock buybacks.

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