Story updated at 9:55 a.m. to reflect market activity.
Shares of Progressive gained 0.6% to $25.17 in morning trading.
The analyst firm set a price target of $28 for the company. Personal insurers like Progressive should outperform in the near term, according to Goldman Sachs analysts.
"We are upgrading PGR to Buy and raising our 12-month price target to $28 on our view of strength in personal lines, a surprisingly strong capital deployment story, and seasonal strength for PGR's recreationally-heavy book of exposures," analyst Michael Nanizzi wrote. "Although competition is heating up in PGR's Agency business, we believe the downside risk is manageable given our otherwise favorable view."
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Shares of Progressive are up 2.20% to $25.57 in pre-market trade.
TheStreet Ratings team rates PROGRESSIVE CORP-OHIO as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROGRESSIVE CORP-OHIO (PGR) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."