BTIG Reiterates Neutral Rating on Progyny (PGNY)
BTIG 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 revenue in C1H:24, and less than 12% of EBITDA in that same period. No other clients of PGNY represent more than a single digit percent of revenue or EBITDA, and PGNY highlighted that it expects an increase in overall member count in 2025 relative to 2024. We are negatively surprised by this announcement, especially after PGNY reduced its 2024 guidance twice already. Given the lack of visibility that management has had, and an increasingly competitive market, we maintain our Neutral rating on PGNY."
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Shares of Progyny closed at $24.44 yesterday.