Progressive falls as BMO cuts to 'market perform' on tighter competition

** Auto insurer Progressive's PGR.N shares down 1.64% at $240.95

** BMO Capital downgrades PGR to "market perform" from "market outperform" rating, citing intensifying industry competition and lack of improvement in "declining revenue revision trendline"

** "Given BMO's updated views on the competitive environment continuing to heat up (especially GEICO), we lower our near-term revenue run-rate by -4% to levels -2% below the consensus" - BMO

** Brokerage cuts PT to $250 from $279, which represents only a 2% upside to stock's last close

** 11 of 25 brokerages rate the stock "buy" or higher, 14 "hold"; their median PT is $276 - LSEG

** Including session's moves, stock up ~0.72% YTD