Progressive Corp (PRG) Added to Credit Suisse Focus List with Negative View
- Wall Street falls as investors ready for Trump's inauguration
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
- Skyworks Solutions (SWKS) Tops Q1 EPS by 3c, Offers Q2 Guidance, Announces Buyback
- After-Hours Stock Movers 01/19: (SWKS) (QRVO) (NVAX) Higher; (AFMD) (SGYP) (IBM) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Goldman Sachs (GS) PT Raised to $256.00 at Oppenheimer Following 4Q Report
- Goldman Sachs Downgrades Equifax (EFX) to Sell
- Mitsubishi UFJ Upgrades Concho Resources (CXO) to Overweight
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesCredit Suisse, Credit Suisse US Focus List
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!