KBW Cuts Price Targets on Bank of America, Morgan Stanley and Progressive
Keefe, Bruyette & Woods cut price targets for Bank of America to $65 from $70, Morgan Stanley to $230 from $250 and Progressive to $246 from $252 per share.
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what happened
Keefe, Bruyette & Woods lowered its price target on Bank of America to $65 per share from $70. The same firm reduced its target for Morgan Stanley to $230 from $250, while its Progressive target moved to $246 from $252.
All three updates were published on the same day and cover large US financial and insurance companies. The reports do not give reasons for the revisions.
why it matters
A price target change from a single brokerage is only one reference point for investors who track valuations of banks and insurers. The cuts show a more cautious view of these shares from this firm, but they do not determine where the stocks will move. Investors should review the full analyst research before drawing conclusions.
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instruments
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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