Why Progessive Stock Slipped by Nearly 2% Today
In a case of damning with faint praise, (NYSE: PGR) stock took something of a hit on Thursday. An analyst initiated coverage of the stock, pointing out several positives and negatives that might affect its price. Investors clearly concentrated more on the latter, as they bid said price down by almost 2% during the trading session. That put it more deeply in the red than the bellwether S 500 index, which fell by 0.3%.
Barclays's Alex Scott formally launched his tracking of Progressive's equity just after market hours on Wednesday. The analyst opened with an equalweight (read: hold) recommendation and a $267 per share price target on the insurer's stock.
As he tagged Progressive with the equivalent of a hold rating, he pointed out several negatives and positives about the company in his inaugural research note. Pluses for its future include potential avenues for growth. However, he expressed concern that the personal auto insurance segment could be heading into a "softer" market with heavy pricing competition coming sooner than many expect.
Source Fool.com
Progressive Corp. Stock
The stock is one of the favorites of our community with 44 Buy predictions and 2 Sell predictions.
With a target price of 283 € there is a positive potential of 44.77% for Progressive Corp. compared to the current price of 195.48 €.
