Progressive Corp (PRG) Added to Credit Suisse Focus List with Negative View

September 7, 2016 7:41 AM EDT
Get Alerts PGR Hot Sheet
Price: $34.27 +0.65%

Rating Summary:
    7 Buy, 10 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
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Credit Suisse added Progressive Corp. (NYSE: PGR) to its U.S. Focus List with a negative bent. The firm reiterated an Underperform rating and price target of $28.

The firm's thesis: "Our bottom-up analysis shows that high growth levels only accounted for around half of the 2.5-3.0 points of margin deterioration, pointing to risk to 2017 consensus estimates. Margin stabilization is likely to come at a price given the current loss trend environment. As a result the set of profitability/growth permutations that we see as realistic may come as a disappointment given the stock’s lofty historical valuation."

For an analyst ratings summary and ratings history on Progressive Corp. click here. For more ratings news on Progressive Corp. click here.

Shares of Progressive Corp. closed at $32.35 yesterday.



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