Barclays says Progyny (PGNY) shares were down 20% last night after the company announced a large client loss, which the firm believes is Amazon.com (AMZN). The loss “creates a meaningful hole to fill” for the 2024 key selling season, the analyst tells investors in a research note. Barclays reduced estimates to reflect the roll off of these 670,000 members as well as a tougher competitive backdrop. It keeps an Overweight rating on Progyny shares.
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