Bank of America Securities upgraded Progressive (NYSE:PGR) to Buy from Neutral less than a month after downgrading the P&C insurance stock, and largely due to the company's strong March results.

Progressive's (NYSE:PGR) stock gained 2.0% in Wednesday midday ... topping the Visible Alpha consensus of 36.0M. Direct auto policies made the biggest jump, rising 25% Y/Y to 14.8M policies.