Progyny price target lowered to $31 from $36 at JMP Securities

JMP Securities lowered the firm’s price target on Progyny to $31 from $36 and keeps an Outperform rating on the shares. Progyny reported lower revenue than expected on lower ART cycles than modeled, but adjusted EBITDA and gross margin were better than expected, the analyst tells investors in a research note. Another quarter of utilization noise will likely weigh on near-term sentiment, but JMP believes demand from plan sponsors for the benefit remains sound, and the firm remains buyers on the long-term secular trajectory for family building and women’s health benefits, as well as Progyny’s scale advantages.