Americans are driving again, and that’s bad news for Progressive’s stock, Morgan Stanley says

cnbc2021-06-07

The return of car travel in the United States has created significant downside for insurance stocks likeProgressive, according to Morgan Stanley. Analyst Michael Phillips downgraded the stock to ...

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NeedMoneyPls
2021-06-07
NeedMoneyPls
Rip off insurance
Ttttradetttt
2021-06-07
Ttttradetttt
Cant wait
- Milesguru:
  Like and comment Pls

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The stock has traded sideways in the two weeks since that report was released.\n“After PGR’s high April core loss ratio, consensus is factoring in [near-term] margin improvement vs. April. We disagree. People are driving again, at pre-Covid levels, which means more accident frequency,” the note said.\nMorgan Stanley cut its estimated earnings per share for Progressive by 11% for 2021 and 16% for 2022, citing the costs from additional auto claims and catastrophe coverage.\n“We see looming margin pressure that we think is under-appreciated by the market. People are driving again, at pre-Covid levels, which means more accident frequency. At the same time, elevated car repair costs, which were less of an issue when roads were empty, will become more taxing on margins from here,” the note said.\nThe firm cut its price target on Progressive by $5 to $85 per share, which is 15% below where the stock closed on Friday.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":114607362,"gmtCreate":1623070593656,"gmtModify":1634037309183,"author":{"id":"3577168442576973","authorId":"3577168442576973","name":"NeedMoneyPls","avatar":"https://static.tigerbbs.com/ae9445a785e57d1d8607eb2ae0dde618","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3577168442576973","authorIdStr":"3577168442576973"},"htmlText":"Rip off insurance","listText":"Rip off insurance","text":"Rip off insurance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114607362","repostId":1181441592,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":114824116,"gmtCreate":1623067440635,"gmtModify":1634037337365,"author":{"id":"3582705781448935","authorId":"3582705781448935","name":"Ttttradetttt","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582705781448935","authorIdStr":"3582705781448935"},"htmlText":"Cant wait","listText":"Cant wait","text":"Cant wait","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/114824116","repostId":1181441592,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4617308,"gmtCreate":1623070328227,"gmtModify":1635333569485,"authorId":3575283612976311,"author":{"id":3575283612976311,"idStr":"3575283612976311","authorId":3575283612976311,"name":"Milesguru","avatar":"https://static.tigerbbs.com/124b83195f381e37bab09c37adbc9e6c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":114824116,"type":1,"supId":0,"prevId":0,"content":"Like and comment Pls","text":"Like and comment Pls","html":"Like and comment Pls"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":9,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1181441592"}