Goldman Sachs analyst Yaron Kinar downgraded Progressive to Neutral from Buy with a price target of $81, down from $91. The analyst also removed the shares from Goldman's Americas Conviction List. The shares remain undervalued, but 2020 and 2021 consensus estimates will come down as Progressive decides to prioritize sales growth over sustaining core underwriting margins that are consistent with 2019, Kinar tells investors in a research note. The analyst believes that emphasizing growth heightens near-term earnings pressure caused by market and industry factors. Progressive's "beat-and-raise story is set to abate over the near term," contends the analyst.