01:20 AM EDT, 03/14/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price by $30 to $215, valuing PGR shares at 20.9x our 2025 operating EPs estimate of $10.30 (raised by $0.55) and at 24.2x our 2024 operating EPS estimate of $8.90 (upped by $0.70), versus the shares' one-year average forward multiple of 20x and a peer average of 12x. We expect PGR to produce operating revenue growth of 15% to 20% in 2024, driven largely by an expected 15% to 20% rise in earned premiums (versus an industry average growth was forecast to be 7% to 10%), as PGR leverages a strong insurance pricing environment and its best in class underwriting platforms to drive above-peer growth. PGR has not been immune from claim cost inflation, though, and loss costs rose 20% in 2023 - a trend we see easing in 2024 and 2025. We applaud PGR's franchise and tech-driven underwriting capabilities, which will help support the shares' premium valuation versus peers. However, we view the shares (currently trading at 22.4x our '24 EPS estimate) as fairly valued versus historical averages.