BofA Raises PT on The Progressive Corporation (PGR) Stock

The Progressive Corporation (NYSE:PGR) is one of the Most Undervalued Long Term Stocks to Buy Right Now. On June 2, BofA analyst Joshua Shanker lifted the firm’s price objective on the company’s stock to $331 from $320 and maintained a “Buy” rating on the shares. The analyst added that the firm sees The Progressive Corporation (NYSE:PGR) to be uniquely positioned as the chief beneficiary in the broader emerging AI economy.

BofA Raises PT on The Progressive Corporation (PGR) Stock

Notably, the company saw total revenue of $22,188 million in Q1 2026, reflecting an increase from $20,409 million in Q1 2025, amidst higher net premiums earned and investment income. Furthermore, The Progressive Corporation (NYSE:PGR)’s net income amounted to $2,818 million, an increase from $2,567 million in Q1 2025.

The fair value of the company’s investment portfolio came at $94.1 billion as at March 31, 2026 as compared to $97.4 billion at December 31, 2025. The decline from year-end 2025 demonstrated the $7.9 billion payment of its annual variable common share dividend. However, this was partially mitigated by the favourable cash flows from insurance operations as well as proceeds from $1.5 billion senior note issuances in March 2026.

The Progressive Corporation (NYSE:PGR) operates as an insurance company.

While we acknowledge the risk and potential of PGR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PGR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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