Why Progressive Stock Sank on Monday

Veteran insurance company Progressive (NYSE: PGR) suffered a case of the Mondays on the first stock trading day of this week. Its shares took a nearly 3% hit that session, on the back of two pessimistic analyst updates. Additionally, this occurred on a day when the S&P 500 (SNPINDEX: ^GSPC) traded up, rising by 1.1%. Of the pair, the more impactful was the one issued by Bob Huang of white-shoe investment bank Morgan Stanley. Huang downgraded his recommendation to underweight (i.e., hold) from his previous rating of equalweight (neutral). He accompanied this with a substantial price target reduction to $265 per share -- previously, he had flagged the stock as being worth $265 apiece. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool