UPDATE: Nomura Initiates Progressive with Reduce on Multiple Risk Factors

By: Benzinga
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
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