Progyny price target lowered to $45 from $50 at BTIG

BTIG analyst David Larsen lowered the firm’s price target on Progyny to $45 from $50 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 earnings in Health Tech. The analyst states that heading into the quarter, the firm sees hospital cap-ex and buying cycle to improve, with better inflation trends and volumes. The firm is also expecting a slight uptick in procedure volumes and continued demand for value-based-care solutions, along with some impact from obesity management. BTIG is cutting its price target on the stock due to the macro pullback but notes that the company should benefit from a strong labor market and conservative guidance, adding that its checks indicate no fertility benefits slow-down.