Citi analyst Michael Ward lowered the firm’s price target on Progressive to $121 from $124 and keeps a Sell rating on the shares. In its quarterly filing, the company summarized plans to slow growth momentum, which began to seem possible following its disappointing March quarter earnings, the analyst tells investors in a research note. The firm says Progressive plans to reduce ad spend and increase prices due to worsening severity trends.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on PGR:
- Progressive slowdown in growth likely to weigh on shares, says UBS
- Progressive ‘unsurprisingly’ prioritizing profitability, says Keefe Bruyette
- Progressive: Achieving profit margin takes precedence over growing premiums
- Progressive downgraded to Market Perform from Outperform at BMO Capital
- Progressive Announces Investor Relations Call
