Progressive (PGR) Gets a Buy Rating from Morgan Stanley

Morgan Stanley analyst Michael Phillips CFA maintained a Buy rating on Progressive (PGR) today and set a price target of $94.00. The company’s shares closed last Monday at $76.65.

According to, CFA is a 1-star analyst with an average return of -11.8% and a 16.7% success rate. CFA covers the Financial sector, focusing on stocks such as Hartford Financial, Brown & Brown, and Willis Group.

Progressive has an analyst consensus of Strong Buy, with a price target consensus of $88.00, which is a 13.8% upside from current levels. In a report issued on May 8, Deutsche Bank also maintained a Buy rating on the stock with a $90.00 price target.

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Progressive’s market cap is currently $44.61B and has a P/E ratio of 12.60. The company has a Price to Book ratio of 3.38.

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity. The Personal Lines segment includes agency and direct businesses. The Commercial Lines segment writes primary liability and physical damage insurance for automobiles and trucks owned and operated predominately by small business in the auto, for-hire transportation, contractor, for-hire specialty, tow, and for-hire livery markets. The Property segment covers residential property insurance for homeowners, other property owners, and renters. The Other Indemnity segment manages run-off businesses. The company was founded in 1965 and is headquartered in Mayfield Village, OH.

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