Feb. 12 at 8:25 PM
Progressive received special mention from Bank of America as potentially “the only true AI winner” in its coverage universe. The firm set a 12-month price target of
$329, based on applying S&P 500 P/E multiples to its normalized 2028 earnings estimates.
While BofA noted that Progressive may be earning outsized profits at present, it highlighted both downside risks—including interest rate pressures, catastrophe volatility, and competitive pricing shifts—and upside potential from sustained growth, AI-driven market share gains, and successful expansion into small business insurance.
Analyst sentiment has been mixed. Jefferies, KBW, and BMO Capital lowered their price targets, whereas BofA Securities raised its target, citing significantly stronger-than-expected net new policy additions in December. Goldman Sachs reiterated its Buy rating.
$PGR