Evercore ISI, BofA, and JPMorgan Reduce PT on The Progressive Corporation (PGR) Amid Slowing Industry Fundamentals

The Progressive Corporation (NYSE:PGR) is one of the most undervalued blue chip stocks to buy now.

On January 7, 2026, Evercore ISI reduced its price target on The Progressive Corporation (NYSE:PGR) from $250 to $237, while reiterating an ‘In Line’ rating. TheFly reported that the firm describes 2026 as a challenging year for the property and casualty (P&C) insurance sector. Citing a tougher cyclical backdrop, the firm noted slowing industry fundamentals, which are setting up a “stock picker’s market.” In such an environment, the firm believes valuation discipline and underwriting execution will increasingly differentiate outcomes.

A similar analyst tone was reported on January 7, 2026. JPMorgan reduced its price target on The Progressive Corporation (NYSE:PGR) from $303 to $275, while maintaining an ‘Overweight’ rating, TheFly reported. While acknowledging worsening operating conditions in the sector, the firm argued that investors have already incorporated headwinds related to pricing, margin, and growth. At the same time, JPMorgan suggested that high-quality operators like Progressive may not fall much further.

According to TheFly, BofA also reduced its price target on The Progressive Corporation (NYSE:PGR) on January 5 to $328, while reiterating its ‘Buy’ rating. The firm attributed the reduction in the price target to unfavorable pricing trends across most P&C products, projecting loss costs to rise faster than prices as personal auto rates flatten.

The Progressive Corporation (NYSE:PGR), a leading U.S. P&C insurer, focuses on personal and commercial auto and residential property coverage. It operates through diversified personal, commercial, and property insurance segments.

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