Progressive downgraded to Neutral at BofA on valuation

As previously reported, BofA downgraded Progressive (PGR) to Neutral from Buy with a price target of $287, down from $300. Investors seem to have rotated into Progressive shares as U.S. tariffs get implemented and fear of recession rises, notes the analyst, who adds that investors should recognize today’s cyclical margin peak. Though the firm notes that its EPS forecasts remain “notably above consensus,” but “no longer high-on-the-Street,” its expects EPS growth to decelerate in 2026 and argues that valuation is “approaching fundamentals at margin peak.”