UPDATE: Nomura Initiates Progressive with Reduce on Multiple Risk Factors
June 05, 2013 at 09:10 AM EDT
In a report published Wednesday, Nomura analyst Cliff Gallant initiated coverage on The Progressive Corporation (NYSE: PGR ) with a Reduce rating and $20.00 price target. In the report, Nomura noted, “The industry's great innovator through the use of credit scores, direct distribution, telematics ('Snapshot') combined with excellent management, aggressive