Evercore ISI downgraded Progressive (PGR) to In Line from Outperform with a $275 price target The firm does not much share downside from current levels but struggles to see any upside given where the company is in the cycle. Progressive’s earnings growth is minimal over the next year as margins normalize, which will limit a re-rating of the stock’s multiple, the analyst tells investors in a research note.
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Read More on PGR:
- Progressive price target lowered to $336 from $337 at BofA
- Progressive’s Strong Q2 Performance and Growth Prospects Justify Buy Rating
- Morning Movers: PNC Financial and Johnson & Johnson higher after Q2 results
- Progressive reports Q2 EPS $5.40, consensus $4.29
- Progressive reports June EPS $1.91 vs. $1.37 last year