Progyny (PGNY): Significant client has elected to exercise a 90-day option to terminate its services agreement
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Progyny (PGNY) PT Lowered to $22 at BofA Securities
September 20, 2024 5:33 AM EDTBofA Securities analyst Michael Cherny lowered the price target on Progyny (NASDAQ: PGNY) to $22.00 (from $30.00) while maintaining a Buy rating.
The analyst comments "We are updating our Progyny (PGNY) model following last nights announcement that Progynys largest client opted to terminate the contract with the company effective January 1, 2025 (link to note with further details). We lower our 2025 member estimate to... More
Progyny (PGNY) PT Lowered to $24 at Jefferies
September 19, 2024 1:21 PM EDTJefferies analyst Glen Santangelo lowered the price target on Progyny (NASDAQ: PGNY) to $24.00 (from $31.00) while maintaining a Buy rating.
The analyst comments "The weaker utilization trend has persisted in July/August, putting F24 at risk. Throw on top of that, the... More
Progyny (PGNY) PT Lowered to $22 at JPMorgan
September 19, 2024 6:56 AM EDTJPMorgan analyst Anne Samuel lowered the price target on Progyny (NASDAQ: PGNY) to $22.00 (from $31.00) while maintaining a Overweight rating.
The analyst comments "PGNY faced another blow to the model today, as they announced that a large client plans to terminate its services agreement with the company. The client represented roughly 13% of 2023 revenue ($130M), and 670k lives, and the termination will become a detriment to the model beginning in January 2025. Removing this client from our model reduces... More
BTIG Reiterates Neutral Rating on Progyny (PGNY)
September 19, 2024 5:35 AM EDTBTIG analyst David Larsen reiterated a Neutral rating on Progyny (NASDAQ: PGNY).
The analyst comments "On 9/18/24, AMC, PGNY announced a major client loss effective 1/1/25, with no adverse impact expected on 2024 results. This client represents ~670,000 members at 6/30/24, and was 12% of... More
Progyny (PGNY) falls 20% after significant client terminates its services agreement
September 18, 2024 5:02 PM EDTProgyny (NASDAQ: PGNY) falls 20% after significant client terminates its services agreement
The Client, which represents approximately 670,000 members as of June 30, 2024, comprised 12% and 13% of the Companys revenue for the six-month period ending June 30, 2024, and the twelve-month period ending December 31, 2023, respectively. The Client... More