Prog Holdings price target raised to $46 from $44 at Wells Fargo

Wells Fargo raised the firm’s price target on Prog Holdings to $46 from $44 and keeps an Overweight rating on the shares. The firm notes the company posted encouraging Q2 results, with gross merchandise volume accelerating materially to +7.9% as Prog Holdings’ initiatives gain traction. This sets the stage for the company to return to revenue growth in the second half of the year. While end markets remain challenging, KeyBanc believes shares remain compelling given the growth initiatives and a supportive valuation at 11.6-times earnings and about 11% free cash flow yield.