** Auto insurer Progressive's PGR.N shares down 2.9% at $254.07
** Morgan Stanley downgrades PGR to "equal weight" from "overweight" rating, citing intensifying industry competition and potential pressure on Progressive's valuation
** "Progressive is the best-in-class auto insurance underwriter in the U.S., but the valuation appears to be full in the current industry environment" - MS
** Brokerage cuts PT to $290 from $330, which still represents a 10.8% upside to stock's last close
** 12 of 23 brokerages rate the stock "buy" or higher, 11 "hold"; their median PT is $291 - LSEG
** Including session's moves, stock up ~6.3% YTD
(Reporting by Prakhar Srivastava in Bengaluru)
((Prakhar.srivastava2@thomsonreuters.com))
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