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Fly News Breaks for December 16, 2019
PGR
Dec 16, 2019 | 08:16 EDT
Morgan Stanley analyst Michael Phillips downgraded Progressive to Equal Weight from Overweight with a price target of $74, down from $84, as he decreased his EPS forecasts for 2019-21 due to more intense underwriting margin pressure than he had previously expected. Although industry-wide headwinds should lead to minimal upside from current multiples, Phillips still believes Progressive will maintain "best-in-class" status in terms of margins, growth and ROE, the analyst added.
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