Progressive falls as BMO cuts to 'market perform' on tighter competition
ReutersSep 17, 2025 2:29 PM
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
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