Progressive downgraded to Underperform from Market Perform at Keefe Bruyette Keefe Bruyette downgraded Progressive to Underperform citing valuation and expectations the company's combined ratio will move back toward 96%. The firm has a $23 price target for shares.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Banco Popolare (BPSAY) downgraded to Neutral from Buy at UBS... Century Aluminum (CENX) downgraded at Morgan Stanley... Global Power Equipment (GLPW) downgraded to Market Perform at William Blair... Ivanhoe Mines (IVPAF) downgraded to Equal Weight from Overweight at Morgan Stanley... JD Wetherspoon (JDWPY) downgraded to Hold from Buy at Jefferies... MEI Pharma (MEIP) downgraded to Market Perform from Outperform at Wells Fargo... NICE Systems (NICE) downgraded to Market Perform from Outperform at JMP Securities... Progressive (PGR) downgraded to Neutral from Buy at Goldman... Tim Participacoes (TSU) downgraded to Reduce from Overweight at HSBC... ZAGG (ZAGG) downgraded at Craig-Hallum.
Progressive downgraded to Neutral from Buy at Goldman Goldman Sachs downgraded Progressive to Neutral with a $28 price target citing the playing out of catalysts and the company's increasing reliance on commercial auto profitability for earnings.