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. 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