Fly News Breaks for March 20, 2017
Mar 20, 2017 | 07:52 EDT
BofA/Merrill analyst Alison Jacobowitz upgraded Progressive to Buy and raised its price target to $46 from $40 given superior execution, resilient growth, and a more rational competitive environment. The analyst does not believe the Street fully appreciates Progressive's earnings power or sustainability, and said it will be among the largest beneficiaries of reduced corporate taxes and will not be hit as hard from higher rates given its short-duration bond portfolio.
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