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.
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Source Fool.com
Progressive Corp. Stock
€176.52
0.120%
The stock is one of the favorites of our community with 43 Buy predictions and 2 Sell predictions.
With a target price of 283 € there is a hugely positive potential of 60.32% for Progressive Corp. compared to the current price of 176.52 €.
