Barclays reiterates an Overweight and $23 PT on Progressive (PGR +0.9%) following its release of...

|About: Progressive Corporation (PGR)|By:, SA News Editor

Barclays reiterates an Overweight and $23 PT on Progressive (PGR +0.9%) following its release of healthy November results. Barclays sees the results as evidence Progressive "continues to gain profitable market share, particularly in its direct sales channel." It also considers the auto insurer undervalued at 1.85x book value, which is "near the low end of its valuation range since the financial crisis."