Barclays Lowers PT on The Progressive Corporation (PGR), Keeps an Equal Weight

​The Progressive Corporation (NYSE:PGR) is one of the Most Undervalued Long Term Stocks to Buy Right Now. On October 20, Alex Scott from Barclays lowered the firm’s price target on The Progressive Corporation (NYSE:PGR) from $271 to $257, while keeping an Equal Weight rating on the stock. The firm noted updating its model for the company post its Q3 earnings.

​On the same day, Morgan Stanley analyst Bob Huang downgraded The Progressive Corporation (NYSE:PGR) from Equal Weight to Underweight, while also reducing the price target from $265 to $214.

​The analyst noted that they find the company’s bull case viable when excluding Florida. He believes that the company is entering into a softer pricing cycle, which is expected to compress its valuation multiple. As a result, Haung believes that the cyclical nature of the business might result in earnings decline in 2026 and 2027.

​The Progressive Corporation (NYSE:PGR) is an insurance holding company with personal and commercial insurance businesses.

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Disclosure: None. This article is originally published at Insider Monkey.