Why Progressive Stock Sank on Monday
Veteran insurance company (NYSE: PGR) suffered a case of the Mondays on the first stock trading day of this week. Its shares took a nearly 3% hit that session, on the back of two pessimistic analyst updates. Additionally, this occurred on a day when the S 500 (SNPINDEX: ^GSPC) traded up, rising by 1.1%.
Of the pair, the more impactful was the one issued by Bob Huang of white-shoe investment bank Morgan Stanley. Huang downgraded his recommendation to underweight (i.e., hold) from his previous rating of equalweight (neutral). He accompanied this with a substantial price target reduction to $265 per share -- previously, he had flagged the stock as being worth $265 apiece.
Image source: Getty Images.
Source Fool.com
Progressive Corp. Aktie
201,10 €
0,32 %
Klarer Community-Favorit: Progressive Corp. mit vielen Buy- und wenigen Sell-Einschätzungen.
Das durchschnittliche Community-Kursziel von 285 € für Progressive Corp. impliziert eine Steigerung von über 20% gegenüber 201.1 €.
