UPDATE: Citi Downgrades Progressive

According to a research report published this morning, Citi has downgraded Progressive

from Buy to Neutral. Citi commented in the report, "PGR shares are +10% YTD and have generally outperformed ins peers. We view this strength, driven by improving PIF/premium trends and positive tone surrounding Snapshot, as currently reflected in the stock's valuation at 2.1x BV and ~14x our 2012E; we see more value within the next 12 mths in commercial insurers and ins brokers as each should benefit from improving pricing trends and margins." Citi maintains its $22 PT on Progressive, which closed Friday at $22.23.