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Progressive Corp. (PGR)
by Zacks Equity ResearchJune 01, 2012 | Comments : 0 Recommended this article: (0)
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Lower net investment gains and higher expenses resulted in lower numbers during the quarter. Considering the state of the economy, we expect significant pressure on underwriting margins and restriction in its top-line growth in the near term.
Our six-month target price of $20.00 equates to 13.8x our earnings estimate for 2012. Combined with $0.41 per share annual dividend this price target implies an expected negative total return of 7.3% over that period. This is consistent with our Underperform recommendation on the shares.
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