Progressive cut at Morgan Stanley on intensifying competition, potential pressure on valuation

4 hours ago 1
Progressive Insurance Claims vehicles. Progressive insures motorcycles, boats, RVs, and commercial vehicles.

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Progressive (NYSE:PGR) was trading lower after Morgan Stanley cut its recommendation on the insurance stock over intensifying industry competition and potential pressure on valuation.

Shares were -1.15% during morning trade to $258.65.

"Our previous Overweight thesis on unincumbered growth and

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