Progressive downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst Meyer Shields downgraded Progressive (PGR) to Market Perform from Outperform with an unchanged price target of $288. The company’s personal auto policies In force growth will likely decelerate as competitors’ rate increases slow, the analyst tells investors in a research note. The firm also expects some near-term core loss ratio pressure as earned rate increases decline, especially if recently declining personal auto physical damage claim frequencies normalize.