Progressive price target lowered to $265 from $275 at Morgan Stanley

Morgan Stanley analyst Bob Huang lowered the firm’s price target on Progressive (PGR) to $265 from $275 and keeps an Equal Weight rating on the shares. While acknowledging that valuation is more attractive in the month since the firm downgraded the stock, the firm adds that broader industry fundamentals have not changed, the industry remains competitive, and sees EPS as likely to decline by 2027.