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Fly News Breaks for June 28, 2019
PGR
Jun 28, 2019 | 08:53 EDT
William Blair analyst Adam Klauber says his proprietary analysis indicates that Progressive's secular growth profile has improved due to accessing a larger total addressable market. The company's addressable market should more than triple to $413B by 2023 due to expansion into the newer markets of homeowners' and bundled auto, Klauber tells investors in a research note. He believes Progressive's market share should move from 2% in both markets today to at least the 5% to 6% range by 2023. Further, the company's earnings per share have moved from around the $2.00 level several years ago to potentially $6.50 in 2020, "which suggests there is plenty of upside left in the stock," says Klauber. He keeps an Outperform rating on Progressive.
News For PGR From the Last 2 Days
PGR
Mar 28, 2024 | 04:52 EDT
HSBC analyst Vikram Gandhi raised the firm's price target on Progressive to $205 from $174 and keeps a Hold rating on the shares. The analyst says rate increases continue to compound across personal auto and homeowners insurance in the U.S. Decelerating inflationary trends put U.S. personal lines insurers "in a sweet spot," the analyst tells investors in a research note.