Morgan Stanley Downgrades Progressive to Underweight, Lowers Price Target to $114
Portfolio Pulse from richadhand@benzinga.com
Morgan Stanley analyst Michael Phillips has downgraded Progressive (NYSE:PGR) from Equal-Weight to Underweight and lowered the price target from $135 to $114.
July 25, 2023 | 9:09 am
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Progressive's stock rating has been downgraded by Morgan Stanley from Equal-Weight to Underweight, with a lowered price target of $114.
The downgrade by Morgan Stanley, a major financial institution, could negatively impact investor sentiment towards Progressive, potentially leading to a decrease in its stock price. The lowered price target also suggests that the analyst believes the stock is currently overvalued, which could further discourage investment.
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