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Fly News Breaks for November 28, 2018
PGR
Nov 28, 2018 | 09:07 EDT
MKM Partners analyst Harry Fong kept his Buy rating and $85 price target on Progressive, saying the 14% retreat in its stock price since the company reported results on November 14th is "another opportunity to buy". The analyst says investors are concerned that the "underlying loss cost may be heading higher" because of just one month of data precipitated by Hurricane Michael. Instead, Fong points to the company's 15% growth in personal auto policies in force, which is "well beyond" the industry growth rate of 2%.
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