Barclays Lowers PT on The Progressive Corporation (PGR), Keeps an Equal Weight

Core Viewpoint - The Progressive Corporation (NYSE:PGR) is currently considered one of the most undervalued long-term stocks, despite recent downgrades from analysts [1][2]. Analyst Ratings and Price Targets - Barclays analyst Alex Scott lowered the price target for The Progressive Corporation from $271 to $257 while maintaining an Equal Weight rating after the company's Q3 earnings [1]. - Morgan Stanley analyst Bob Huang downgraded the stock from Equal Weight to Underweight and reduced the price target from $265 to $214 [2]. Business Outlook - Huang noted that the bull case for The Progressive Corporation is viable when excluding Florida, indicating potential regional challenges [3]. - The company is expected to enter a softer pricing cycle, which may compress its valuation multiple and lead to a decline in earnings in 2026 and 2027 due to the cyclical nature of the business [3]. - The Progressive Corporation operates as an insurance holding company with both personal and commercial insurance segments [3].