Prog Holdings initiated with a Neutral at BTIG

BTIG analyst Vincent Caintic initiated coverage of Prog Holdings with a Neutral rating as part of a broader research note launching coverage on Consumer Finance names. The company’s Lease To Own, LTO, is the most stable of the four LTO businesses the firm covers, though the tightened underwriting had weakened Prog’s top line, the analyst tells investors in a research note. Prog shares are now appropriately valuing low-single-digit gross merchandise volume – GMV – growth, though the firm prefers to see a return to double-digit GMV growth to turn more constructive on the stock, BTIG added.