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Fly News Breaks for January 2, 2020
PGR
Jan 2, 2020 | 06:15 EDT
Deutsche Bank analyst Joshua Shanker upgraded Progressive to Buy from Hold with an $84 price target. The analyst cites the 15% of stock underperformance relative to the S&P500 in Q4 of 2019 and believes that the 70% valuation to the index on a relative price to earnings basis represents a "prospective entry point", which should lead to a "material outperformance" for Progressive shares in the next 12 months.