Progressive named ‘Top Pick’ in North American Insurance at Morgan Stanley

Morgan Stanley notes that Progressive’s stock price has grown by about 730% over the past 10 years and that the firm hears often that Progressive is trading at “very expensive valuations,” making it difficult to buy near all-time highs. However, while acknowledging that Progressive is trading at a premium, the firm would “strongly dispute the notion that the stock is expensive.” The firm, which sees the company as attractively valued when compared to more popular stocks on the market today and sees “a clear line of path going forward for the stock,” moves Progressive to its “Top Pick” among the firm’s North American Insurance coverage and keeps an Overweight rating and $256 price target on the shares.