Progressive (NYSE: PGR), the insurance company perhaps best known for its quirky TV ads, had a fine Wednesday on the stock market. On news of an analyst's latest bullish take on its prospects, the insurer's stock enjoyed a more than 4% rise across the Hump Day trading session. That gain outpaced that of the S&P 500 index, which had a relatively bullish day with a 2.5% rise.

The stock is gold, says Goldman

The entity waxing positive about Progressive was Goldman Sachs. It reiterated its existing buy recommendation on the company's shares and slightly increased its price target on them. Goldman now feels they are worth $294 apiece, up from his preceding $292.

Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free »

According to reports, Goldman's slight price target lift was mainly due to an upward adjustment in the loss ratio for Progressive's personal insurance line. The loss ratio is an important figure in the insurance industry, as it tracks how much a company's policies are paid out in claims.

The investment bank also addressed Progressive's considerable spending on advertising, as its current TV campaign is constant and therefore not exactly cheap to wage. Goldman feels that the company will enact a "modest" increase in its ad spending. However, improvements in other areas of the business should more than compensate for this.

A solid player in the industry

The immediate future of the insurance business looks bright, as enterprises and businesses have money to spend thanks to a still-thriving economy and want to protect their valuables. Progressive has done a good job improving its business, and it's saying something that the company continued to motor along well despite that considerable advertising spend.

Don’t miss this second chance at a potentially lucrative opportunity

Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.

On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:

• Amazon: if you invested $1,000 when we doubled down in 2010, you’d have $22,469!*

• Apple: if you invested $1,000 when we doubled down in 2008, you’d have $42,271!*

• Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $411,970!*

Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.