On Wednesday, Progressive got an upgrade for its IBD SmartSelect Composite Rating from 94 to 96.
The upgrade means the stock is now outpacing 96% of all other stocks in terms of key performance metrics and technical strength. History shows the top market performers tend to have a 95 or higher score as they launch their major climbs.
Progressive is trading about 2% above a 270.62 entry from a cup without handle.
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One weak spot is the company's 76 EPS Rating, which tracks quarterly and annual earnings growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
The company reported a 19% rise in earnings for Q4. Top line growth fell to 22%, down from 25% in the prior quarter.
Progressive earns the No. 3 rank among its peers in the Insurance-Property/Casualty/Title industry group. Goosehead Insurance Cl A is the top-ranked stock within the group.
