Decelerating Growth, Rising Competition, and Weaker Buybacks Undermine Progressive’s Upside, Justifying Sell Rating
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Morgan Stanley analyst Bob Huang maintains a Sell rating on Progressive, citing decelerating growth, rising competition, and weaker buybacks as factors limiting the stock's upside. Huang notes erratic auto policy growth and a shift towards special dividends over share repurchases, impacting future earnings-per-share. Despite acknowledging Progressive's strong underwriting discipline, Huang remains cautious due to the challenging operating environment. His analysis supports a $214.00 price target for the stock.
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