BMO Capital cited increasing competition in the insurance sector as a key factor in its decision, specifically highlighting competitive pressure from GEICO. The firm reduced its next-twelve-month revenue run-rate forecast for Progressive by -4%, bringing its projection to levels approximately -2% below consensus estimates. While BMO acknowledged that Progressive shares are trading at a -21% discount to the S&P 500 when assuming a more normalized profit margin, the firm expressed concerns that the current declining revenue revision trend is unlikely to improve in the near term. In other recent news, Progressive Corp. has been the focus of several analyst updates. BofA Securities has increased its price target for Progressive to $347, citing an updated forecast for the company's year-end special dividend, now expected to be $10 per share.