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


Heavy outgoing visitors strikes towards the Chesapeake Bay Bridge on the eve of Memorial Day lengthy weekend May 28, 2021 in Annapolis, Maryland.

Alex Wong | Getty Images

The return of automotive journey within the United States has created important draw back for insurance coverage shares like Progressive, in response to Morgan Stanley.

Analyst Michael Phillips downgraded the inventory to underweight from equal weight, saying in a be aware to shoppers on Monday that weaker-than-expected margins in Progressive’s April outcomes weren’t a brief blip. The inventory has traded sideways within the two weeks since that report was launched.

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