Pulse of the Market: Wednesday’s 10 Worst Performers

6. The Progressive Corp. (NYSE:PGR)

Progressive Corp. declined for a second straight day on Wednesday, shedding 3.53 percent to end at $273.29 each after an investment firm downgraded its rating for the company.

On Wednesday, Bank of America lowered its price target for the company to $300 from $318 previously, albeit maintaining its “buy” rating on the firm.

Meanwhile, PGR earned a better outlook from Keefe, Bruyette & Woods, with a new price target of $300, higher than the $294 previously. It also assigned an “outperform” rating for the company.

The new price target is based on a multiple of 20.8 times the firm’s projected 2026 EPS for the company.

PGR is an American insurance company, which offers various financial services and insurance products on vehicles, property, personal, and businesses.