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

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New for subscribers: Americans are driving again, and that's bad news for Progressive's stock, Morgan Stanley says. Check out CNBCPro today.

Heavy outgoing traffic moves toward the Chesapeake Bay Bridge on the eve of Memorial Day long weekend May 28, 2021 in Annapolis, Maryland.

The return of car travel in the United States has created significant downside for insurance stocks likeAnalyst Michael Phillips downgraded the stock to underweight from equal weight, saying in a note to clients on Monday that weaker-than-expected margins in Progressive's April results were not a temporary blip. The stock has traded sideways in the two weeks since that report was released.

 

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Pro Because Americans are crashing again?

Pro Extremaly busy in the road .

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