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  "documentTitle": "Erie Indemnity Company (ERIE)",
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  "presentationDate": "2024-10-18 00:00:00",
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      "text": "Multiple contraction closer to peers and best performer Progressive Insurance",
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      "text": "Historical precedent of a 10x multiple contraction last time the management fee was reduced",
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      "text": "share price: 35% - 55%",
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      "text": "We believe there is significant downside risk potential for ERIE's share price, ranging from 35% to 55%, as earnings expectations are likely to be revised downward.",
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      "text": "Source: Spruce Point Analysis",
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      "text": "Spruce Point Estimates 35% – 55% Potential Downside Risk",
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