Barclays lowered the firm’s price target on Progressive (PGR) to $287 from $297 and keeps an Equal Weight rating on the shares. Heading into Q2 earnings, the firm is more cautious on property and casualty carriers, saying underwriting margins face pressure from softening rates and unfavorable mix shift. Barclays is more constructive on reinsurers due to “idiosyncratic tailwinds” and capital return potential in the second half of the year. The analyst names Everest Group (EG) and Hartford Insurance (HIG) as top ideas.
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Read More on PGR:
- Hold Rating for Progressive Amidst Competitive Pressures and Valuation Concerns
- Progressive downgraded to Equal Weight from Overweight at Morgan Stanley
- Progressive price target lowered to $303 from $307 at Goldman Sachs
- Progressive price target raised to $333 from $328 at Wells Fargo
- Progressive’s Strong Performance and Growth Potential Justify Buy Rating