Prog Holdings price target lowered at Raymond James, pullback an ‘overreaction’

Raymond James analyst Bobby Griffin lowered the firm’s price target on Prog Holdings (PRG) to $40 from $48 and keeps an Outperform rating on the shares. The firm says the pullback following the Q4 results is an “overreaction,” noting that results came in ahead of expectations, driven by slightly higher revenue and modestly higher gross margins. While the Big Lots bankruptcy is a near-term pressure, the core aspects of Prog’s business are still intact and the risk/reward setup is compelling, the analyst tells investors in a research note.