Progressive Stock Drops Despite Market Gains, Downgraded by Analysts
Progressive's stock experienced a dip on Monday, with shares falling nearly 3%. This occurred despite the S&P 500 index rising by 1.1% on the same day. The decline follows recent analyst assessments of the company's prospects.
Analyst Bob Huang from Morgan Stanley downgraded Progressive's recommendation to 'underweight', predicting weaker pricing power and earnings declines in 2026 and 2027. Huang also reduced the price target to $265 per share. Meanwhile, Alex Scott of Barclays maintained an 'equalweight' recommendation but decreased the price target to $257 per share.
Progressive's preliminary third-quarter results, although showing growth in certain areas, may have failed to meet analyst estimates. This may have contributed to the stock's decline.
Progressive's shares dropped by nearly 3% on Monday, despite broader market gains. Recent analyst assessments, including a downgrade from Morgan Stanley, may have influenced this decline. The company's third-quarter results also fell short of expectations.
