Credit Suisse Downgrades Progressive Corp. (PGR) to Underperform

Credit Suisse downgraded Progressive Corp. (NYSE: PGR) from Neutral to Underperform with a price target of $29.00 (from $28.00) and lowered estimates.

Analyst R. Tunis commented, " We are downgrading shares of PGR to Underperform. The release of the company's 3Q 10Q pointed to frequency accelerating from 1-2% in 1H15 to 5-6% in 3Q and indicated that the reason we didn't see more deterioration of accident year margins during the third quarter was an unusually benign severity trend."

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 $32.38 yesterday.

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