PROG Holdings price target lowered to $37 from $68 at Stephens

Stephens lowered the firm’s price target on PROG Holdings to $37 from $68 and keeps an Equal Weight rating on the shares. The company’s focus on profitability over growth, with EBITDA margins beating expectations, remains a positive, despite the continued headwinds to gross merchandise value. Results were a positive read-across to other consumer finance companies, the firm adds. Stephens, however, anticipates revenue headwinds through the first half of 2024 and only breakeven by Q3 of 2024.