NEW YORK — JPMorgan reduced its price target for Progressive Corp. (PGR) to $241 from $250 and downgraded the stock to Neutral from Overweight, citing valuation rather than any deterioration in business fundamentals.
The downgrade, issued July 14, 2026, follows a sustained rally in PGR shares. Analysts at JPMorgan said the stock's run has left little room for further upside at current levels.
Three other firms also adjusted their outlooks. Keefe, Bruyette & Woods cut its price target to $226 from $231 while maintaining a Market Perform rating, reflecting a cautious view on Progressive's near-term prospects.
William Blair reiterated its Market Perform rating, pointing to a slowdown in personal auto premium growth and a rising personal auto loss ratio as reasons for restraint.
Cantor Fitzgerald held its Neutral rating, citing weak June data as an additional drag on sentiment.
