Morgan Stanley upgraded Progressive to Equal Weight from Underweight with a price target of $160, up from $135. The company is positioned for profitable growth going into 2024 given its “quick turnaround” on reserving, management’s commitment to underwriting profit, and dissipating inflationary pressures, the analyst tells investors in a research note. The firm sees upside risk to consensus estimates, especially 2025 earnings. It cites a stronger setup into 2024 for the upgrade.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PGR:
- Progressive Announces Investor Relations Call
- Alphabet downgraded, Gap upgraded: Wall Street’s top analyst calls
- Progressive upgraded to Outperform from Market Perform at BMO Capital
- Allstate price target raised to $144 from $136 at BofA
- Dollar Tree upgraded, Microsoft initiated: Wall Street’s top analyst calls