BMO Capital lowered the firm’s price target on Progressive (PGR) to $247 from $252 and keeps a Market Perform rating on the shares after its September results. “Soft” pricing-power conditions are persisting given the industry’s excess profit margin position, and this downward 3% pricing-power trendline has not been fully appreciated by sell-side estimates, the analyst tells investors in a research note.
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 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
- Progressive price target lowered to $262 from $270 at Keefe Bruyette
- Progressive’s Strong Performance and Future Momentum Despite Near-Term Challenges