Morgan Stanley Retains Hold on Progressive (PGR), Lowers PT on Softer Growth Estimates

Group 1 - The Progressive Corp. (NYSE:PGR) is recognized as one of the best value stocks in Goldman Sachs' portfolio [1] - Morgan Stanley analyst Bob Huang has slightly reduced the price target for Progressive to $265 from $267 while maintaining a Hold rating [1] - The company's August performance showed a 2.4% year-over-year decline in the combined ratio, which is now at 83.1%, indicating improved efficiency in underwriting operations [2] Group 2 - BofA analyst Joshua Shanker has a positive outlook on Progressive, maintaining a Buy rating with a price target of $343, down from $347 [3] - Despite lowering EPS estimates, Shanker praised the company's margins and suggested that the EPS estimates may be conservative [3] - Progressive is one of the largest auto insurers in the U.S., providing insurance products across both personal and commercial lines [3]