Jefferies downgrades Progressive to 'hold', trims PT

The Progressive

14/11/2025 12:13

** Jefferies downgrades auto insurer Progressive Corp PGR.N to "hold" from "buy", cuts PT to $232 from $261

** New PT shows an upside of 3.97% from the stock's last close

** Jefferies sees a lighter growth environment ahead for the company due to rising competition in the personal auto insurance market

** Brokerage notes that PGR benefited from higher interest rates, which boosted investment income, but fall in interest rates means benefits will moderate

** "We expect margins to face pressure from rate moderation as PGR files targeted rate reductions in certain states" says Jefferies

** 10 of 25 brokerages rate the stock "buy" or higher, 14 "hold" and 1 "sell"; their median PT is $253.50 - data compiled by LSEG

** As of last close, stock had fallen ~6.9% YTD

 (Reporting by Anuj T in Bengaluru)

 ((anuj.t@thomsonreuters.com))