Morgan Stanley lowered the firm’s price target on Progressive (PGR) to $190 from $205 and keeps an Underweight rating on the shares. The investment thesis for Progressive has been shifting as a result of increased competition, inflationary pressures, and potential new technology around AI and autonomous, notes the analyst, whose “bearish view” is that consensus estimates for auto premiums are likely “too aggressive” for 2026 and 2027.
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