Is Progressive Corporation (PGR) One of the Best Inexpensive Stocks to Buy Now?

The Progressive Corporation (NYSE:PGR) is one of the best inexpensive stocks to buy now. On January 16, HSBC downgraded Progressive to Hold from Buy with a $224 price target.

Earlier, on January 15, BMO Capital lowered the price target on Progressive Corporation to $239 from $253 with a Market Perform rating. The firm informed investors that the adjustment follows Progressive Corporation’s recent filing for rate decreases within its Florida subsidiaries, specifically a 9% reduction for agent-sold policies and a 6% reduction for DTC plans. The firm expects these changes to have a slightly negative revenue impact on the company.

Additionally, on January 14, Mizuho reduced the price target for The Progressive Corporation (NYSE:PGR) to $240 from $242, while maintaining a Neutral rating. This adjustment follows a post-quarter update to the firm’s financial models within the insurance sector.

Wells Fargo also lowered its price target for Progressive Corporation to $240 from $242 while maintaining an Equal Weight rating on January 13. In a preview of quarterly results for the insurance sector, the firm advised investors to focus on specific key metrics across different sub-sectors.

The Progressive Corporation (NYSE:PGR) operates as an insurance company in the US.

While we acknowledge the potential of PGR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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