BTIG downgraded Progyny to Neutral from Buy without a price target following the Q2 report. Despite the “decent” quarter, management reduced 2024 revenue and EBITDA guidance for the second quarter in a row, visibility seems low, and risk remains in 2025, the analyst tells investors in a research note. The firm believes Progyny’s lower expected membership could be due to a weakening consumer, worries over the election cycle, worries related to the recent Alabama Supreme Court ruling, and companies reducing labor costs. The risk is high that Progyny experiences a sustained slowdown in growth, contends BTIG.
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