Why Progressive Stock Wilted on Wednesday
On Wednesday, investors felt that they couldn't make a lot of portfolio progress with Progressive (NYSE: PGR). The insurance company's stock was hit with a sell-off following an analyst's price target cut; on the back of this, it closed the day almost 4% down in price. That performance compared most unfavorably to the rising S&P 500 index, which rose by 1.1%.The man with the scissors was Joshua Shanker of Bank of America Securities. He now feels Progressive is worth $300 per share, down from his previous level of $318. Despite the price target cut, Shanker is still a Progressive bull, as he maintained his buy recommendation on the insurer.This isn't the analyst's one and only chop on the Progressive price target. Last week, Shanker cut his $333 per share assessment to that $318. Continue reading
On Wednesday, investors felt that they couldn't make a lot of portfolio progress with Progressive (NYSE: PGR). The insurance company's stock was hit with a sell-off following an analyst's price target cut; on the back of this, it closed the day almost 4% down in price. That performance compared most unfavorably to the rising S&P 500 index, which rose by 1.1%.
The man with the scissors was Joshua Shanker of Bank of America Securities. He now feels Progressive is worth $300 per share, down from his previous level of $318. Despite the price target cut, Shanker is still a Progressive bull, as he maintained his buy recommendation on the insurer.
This isn't the analyst's one and only chop on the Progressive price target. Last week, Shanker cut his $333 per share assessment to that $318.
