Wells Fargo analyst Elyse Greenspan lowered the price target on Progressive Corp. (NYSE: PGR) to $196.00 (from $201.00) while maintaining a Underweight rating.

The analyst comments "Shares were under significant pressure today given the loss of PIF in the month and elevated AYLR (vs Street). Our 2027 number comes down 2.4%, our 2027 number remains double-digit (13.1%) below consensus. Reaffirm Underweight. The stock from here: We see shares as stuck from a valuation standpoint as we see limited growth accelerator catalysts, which is when shares work best. Muse is a wildcard and should continue to weigh on shares until a proven winner shows, which given the results this month, investors may question PGR's position. We forecast PIF growth to be up 3.5% in 2027 and margins to deteriorate from here, which can be a multi-year story as PGR typically takes smaller bites of the apples in rate movements."