Progressive price target lowered to $227 from $247 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Progressive (PGR) to $227 from $247 and keeps a Buy rating on the shares. In a sector note on Americas Insurance, the firm said it expects “strong and fairly resilient” insurer profitability for the next few years, but added that it believes we are “solidly in the softening phase” of the P&C insurance cycle, which leads to “increased capital supply and competition, which should drive a deceleration in growth/pricing/margins, that we think are broadly underappreciated within Street estimates.”