Prog Holdings downgraded to Hold from Buy at Jefferies

Jefferies downgraded Prog Holdings (PRG) to Hold from Buy with a price target of $29, down from $58. The firm cites headwinds such as margin pressure, a lack of discretionary purchase recovery, and mixed credit trends for the downgrade. The firm awaits catalysts from a more favorable environment before again recommending Prog shares. Jefferies sees growing evidence of a delayed industry recovery, and says the company’s exposures to “challenged” retail segments and mixed credit trends “dampens” its primary thesis.