Key Takeaways:
- Progressive Corporation's (PGR, Financial) stock was downgraded by Bank of America from Buy to Neutral, leading to a 2.45% drop in share price.
- Despite solid fundamentals, analysts see limited upside potential with a revised price target of $287.00.
- The stock's one-year forecast shows potential for an 11.06% upside compared to its current price.
The Progressive Corporation (PGR) recently experienced a 2.45% decline in its stock price, closing at $279.96. This downturn followed Bank of America's decision to downgrade the stock from Buy to Neutral, primarily due to valuation concerns. Citing limited upside potential, the bank adjusted its price target to $287.00, despite recognizing Progressive's strong fundamentals.
Wall Street Analysts Forecast
According to 16 analysts providing one-year price targets for Progressive Corp (PGR, Financial), the average target price stands at $299.50. The highest estimate peaks at $327.00, while the lowest is $266.00. This average target suggests a potential upside of 11.06% from the current price of $269.67. For further insights and detailed estimates, visit the Progressive Corp (PGR) Forecast page.
With consensus from 22 brokerage firms, Progressive Corp's (PGR, Financial) average rating currently reflects an "Outperform" status, with an average brokerage recommendation of 2.2. The rating scale, ranging from 1 to 5, indicates 1 as a Strong Buy and 5 as Sell.
From a valuation perspective, GuruFocus estimates the GF Value of Progressive Corp (PGR, Financial) in one year to be $245.29. This figure suggests a downside of 9.04% from the current price of $269.67. The GF Value represents GuruFocus' fair value estimate, calculated based on historical trading multiples and the company's past and projected business performance. More comprehensive data is accessible on the Progressive Corp (PGR) Summary page.
