Why Progressive Stock Got Slammed on Thursday
What the stock market gives, the stock market can take away. A mere one day after Progressive (NYSE: PGR) delivered first-quarter results that satisfied investors, a recommendation downgrade by an analyst on Thursday made the stock something of a pariah.It closed that session almost 4% lower, on a day when the benchmark S&P 500 index managed to crawl 0.1% higher.I should mention that several analysts weighed in with bullish takes on Progressive's earnings on Thursday, with no less than three raising their price targets on the insurance company's stock. Continue reading
What the stock market gives, the stock market can take away. A mere one day after Progressive (NYSE: PGR) delivered first-quarter results that satisfied investors, a recommendation downgrade by an analyst on Thursday made the stock something of a pariah.
It closed that session almost 4% lower, on a day when the benchmark S&P 500 index managed to crawl 0.1% higher.
I should mention that several analysts weighed in with bullish takes on Progressive's earnings on Thursday, with no less than three raising their price targets on the insurance company's stock.
