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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NEGATIVE IMPACT
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.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100