JPMorgan cuts Progyny target, removes from Analyst Focus List

JPMorgan analyst Anne Samuel lowered the firm’s price target on Progyny to $31 from $41 and keeps an Overweight rating on the shares. The analyst also removed the shares from the firm’s Analyst Focus List. The the stock has pulled back 43% year-to-date on disappointing guidance and a lack of visibility into what is driving the volatility, the analyst tells investors in a research note. However, the firm the near-term uncertainty “has dislocated the valuation from the underlying fundamentals.”