BofA Slashes PT on The Progressive Corporation (PGR) to $346 From $351

The Progressive Corporation (NYSE:PGR) is one of the best large cap stocks to invest in for the long term. On November 19, BofA lowered the price target on The Progressive Corporation (NYSE:PGR) to $346 from $351 while keeping a Buy rating on the shares. The analyst told investors in a research note that The Progressive Corporation (NYSE:PGR) added a “healthy” number of 273,000 net personal auto consumers in October compared to 150,000 in September, which reflects a steep rise in net growth after a decline in pace for six consecutive months.

The Progressive Corporation (NYSE:PGR) reported its October earnings on November 19, with $7.002 billion in net premiums written in 2025 compared to $6.578 billion in the same month last year. Net income for the month also rose to $846 million in 2025 compared to $408 million in October 2024, reflecting a change of 107%.

October 2025 thus reflected the third-strongest monthly net policy growth of the year, which counters the bearish narrative that has been weighing on the company since April, according to the analyst.

The Progressive Corporation (NYSE:PGR) is an insurance holding company that provides residential property insurance, personal and commercial auto insurance, and other specialty property-casualty insurance and related services. The company operates through the Personal Lines, Commercial Lines, and Property segments.

While we acknowledge the potential of PGR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.