The Progressive Corporation (NYSE:PGR) is one of the best inexpensive stocks to buy now. On January 16, HSBC downgraded Progressive to Hold from Buy with a $224 price target.
Earlier, on January 15, BMO Capital lowered the price target on Progressive Corporation to $239 from $253 with a Market Perform rating. The firm informed investors that the adjustment follows Progressive Corporation’s recent filing for rate decreases within its Florida subsidiaries, specifically a 9% reduction for agent-sold policies and a 6% reduction for DTC plans. The firm expects these changes to have a slightly negative revenue impact on the company.
Additionally, on January 14, Mizuho reduced the price target for The Progressive Corporation to $240 from $242, while maintaining a Neutral rating. This adjustment follows a post-quarter update to the firm’s financial models within the insurance sector.
Wells Fargo also lowered its price target for Progressive Corporation to $240 from $242 while maintaining an Equal Weight rating on January 13. In a preview of quarterly results for the insurance sector, the firm advised investors to focus on specific key metrics across different sub-sectors.
The Progressive Corporation operates as an insurance company in the US.
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This article is originally published at Insider Monkey.
