Progressive's Strategic Ad Spend Cuts: Analyst Predicts Boost in FY24 EPS
Portfolio Pulse from Nabaparna Bhattacharya
BMO Capital Markets analyst Michael Zaremski reiterated the Market Perform rating on Progressive Corporation (NYSE:PGR), raising the price target from $125 to $130. The company's July results were driven by an improvement in the core auto loss ratios. Zaremski predicts that the company's FY24 EPS will be boosted by significant expense/ad spend cuts.
August 17, 2023 | 6:14 pm
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Progressive Corporation's price target has been raised from $125 to $130 by BMO Capital Markets analyst Michael Zaremski. He predicts that the company's FY24 EPS will be boosted by significant expense/ad spend cuts.
The analyst's positive outlook on Progressive Corporation, coupled with the raised price target, could potentially lead to an increase in investor confidence and thus a short-term positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100