Progressive initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Progressive with an Equal Weight rating and $135 price target. While Progressive is one of the leading auto insurers today in terms of growth, profitability and tech innovation, the strong performance over the past 5+ years is largely priced in, the analyst tells investors in a research note. Progressive has to consistently perform well above consensus expectations for shares to outperform the market, the firm contends, adding that shares are fairly priced at the current levels.