Wells Fargo analyst Elyse Greenspan lowered the firm’s price target on Progressive (PGR) to $242 from $247 and keeps an Equal Weight rating on the shares. The firm notes Progressive traded down as PIF growth continued to slow and the inflection in agency from growth to declines to Wells is reflective of the heightened competitive market. The firm sees shares stuck until Progressive shows a reacceleration in PIF growth.
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