Progressive upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Progressive to Overweight from Equal Weight with a price target of $227, up from $185. Progressive’s “strong culture” of technology innovation, favorable competitive environment, and gradual business mix shift should give it the ability to outgrow the market, the analyst tells investors in a research note. The firm believes the company can achieve 18% personal auto market share by the end of 2028, up from 15.4% in 2023. Near term, this implies personal auto premium growth of 19% in 2024 versus consensus estimates of 18%, says Morgan Stanley. The firm believes Progressive is structurally better positioned than most peers in the market today and likely to take market share over the longer term.