PROG Holdings price target lowered to $44 from $48 at KeyBanc

KeyBanc lowered the firm’s price target on PROG Holdings to $44 from $48 and keeps an Overweight rating on the shares. The firm notes that the company’s Q3 results exceeded expectations, benefiting from tighter decisioning, strong customer payment activity, and lower write-offs. As such, PROG raised 2023 guidance above consensus. Looking ahead, KeyBanc sees the potential for share gains due to tighter consumer credit conditions above PROG and opportunities to expand retail partnerships, but believes industry headwinds and a return to more normalized customer payment behavior may pressure top line and profitability ahead.