Morgan Stanley analyst Bob Huang downgraded Progressive (PGR) to Underweight from Equal Weight with a price target of $214, down from $265. The firm finds Progressive’s bull case less visible when stripping out Florida. Progressive is entering into a softer part of the pricing cycle, which is likely to compress valuation multiples further, the analyst tells investors in a research note. Morgan Stanley believes the cyclical nature of the business implies earnings declines in 2026 and 2027.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PGR:
- Progressive price target lowered to $265 from $305 at Raymond James
- Progressive price target lowered to $247 from $252 at BMO Capital
- Progressive price target raised to $351 from $350 at BofA
- Progressive price target lowered to $246 from $266 at Wells Fargo
- Progressive price target lowered to $301.38 from $312 at Citi