Morgan Stanley upgraded Progressive Corp. (NYSE: PGR ) to Overweight from Equal-Weight, raising the price target to $227 from $185 per share in a note Wednesday. Analysts at the investment bank said they see a credible path to 18% or more market share for the company. "As Progressive continues to execute its growth strategy and steadily gain market share, we expect it to become the largest domestic personal auto underwriter," declared Morgan Stanley. The bank praised Progressive's strong culture of tech innovation, favorable competitive environment, and gradual business mix shift and believe it should give it the ability to outgrow the market. "We believe the company can achieve ~18%+ personal auto market share by the end of 2028, up from ~15.4% in 2023," analysts added.