Progressive falls after Morgan Stanley cuts to 'underweight', trims PT

The Progressive

20/10/2025 12:50

** Shares of auto insurer Progressive Corp PGR.N down 1% at about $224 premarket

** Morgan Stanley downgrades rating to "underweight" from "equal-weight", slashes PT to $214 from $265

** New PT shows a downside of 5% from the stock's last close

** Morgan Stanley lowers rating on the company, saying profits may fall in the coming years and the stock looks too pricey based on long-term earnings

** Notes co's insurance rate cuts in Florida are unlikely to boost policy growth, as the entire industry is lowering rates, which offsets any competitive advantage

** 11 of 25 brokerages rate the stock "buy" or higher, 13 "hold" and 1 "sell"; their median PT is $261.50- data compiled by LSEG

** As of last close, stock had fallen 5.8% YTD

 (Reporting by Apratim Sarkar in Bengaluru)

 ((Apratim.Sarkar@thomsonreuters.com))