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Why Progressive Stock Wilted on Wednesday


On Wednesday, investors felt that they couldn't make a lot of portfolio progress with (NYSE: PGR). The insurance company's stock was hit with a sell-off following an analyst's price target cut; on the back of this, it closed the day almost 4% down in price. That performance compared most unfavorably to the rising S 500 index, which rose by 1.1%.

The man with the scissors was Joshua Shanker of Bank of America Securities. He now feels Progressive is worth $300 per share, down from his previous level of $318. Despite the price target cut, Shanker is still a Progressive bull, as he maintained his buy recommendation on the insurer.

This isn't the analyst's one and only chop on the Progressive price target. Last week, Shanker cut his $333 per share assessment to that $318.

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Source Fool.com

Progressive Corp. Stock

€210.75
-0.640%
Progressive Corp. shows a slight decrease today, losing -€1.350 (-0.640%) compared to yesterday.
The stock is an absolute favorite of our community with 51 Buy predictions and no Sell predictions.
With a target price of 275 € there is a positive potential of 30.49% for Progressive Corp. compared to the current price of 210.75 €.
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