PROG Holdings price target lowered to $38 from $42 at Loop Capital

Loop Capital lowered the firm’s price target on PROG Holdings to $38 from $42 and keeps a Hold rating on the shares. The firm is leaving a series of investor meetings with the company’s management feeling increasingly confident that “the worst is behind” Progressive in terms of gross merchandise value declines and lease merchandise write-off rates, though it continues to believe that growth will need to meaningfully positively inflect for significant multiple expansion. Loop is also becoming concerned about Progressive’s exposure to Big Lots given the latter’s ongoing struggles, the analyst tells investors in a research note.