Progyny price target lowered to $43 from $45 at KeyBanc

KeyBanc lowered the firm’s price target on Progyny to $43 from $45 and keeps an Overweight rating on the shares despite some lower revenue treatment mix shifts that happened from December through mid-Q1, which were unusual based on more typical treatment cycles. KeyBanc continues to track its proprietary credit card data, and while the number of transactions to Progyny were up 173% year-over-year in January, the actual spend was in fact down 36% year-over-year, with ARPU down 23% year-over-year, which validates a mix shift trend.