Progressive Corp (PRG) Added to Credit Suisse Focus List with Negative View
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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."
Shares of Progressive Corp. closed at $32.35 yesterday.
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