PROG Holdings (PRG) PT Raised to $35 at Loop Capital

Loop Capital analyst Anthony Chukumba raised the price target on PROG Holdings (NYSE: PROG) to $35.00 (from $31.00) while maintaining a Hold rating.

The analyst commented: "PROG Holding's ("Progressive") 1Q 2024 results were a pleasant surprise to us, particularly given continued weakness in furniture, appliance, and consumer electronics demand. In addition, we were encouraged to see management raise its 2024 guidance so early in the year. We believe Progressive's 1Q 2024 results indicate management is doing a good job of "controlling what it can control" as it waits for the US macroeconomic environment to turn into a tailwind as opposed to the current headwind. Thus, we are raising our price target to $35 from $31 while maintaining our Hold rating."

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