Progyny downgraded to Hold from Buy at Truist

Truist downgraded Progyny (PGNY) to Hold from Buy with a price target of $19, down from $26. The firm says that while the company’s net member additions for 2025 essentially tracked broader investor expectations, the soft consumption trends flagged on its Q2 call worsened in Q3, resulting in another “miss and guide cut’ print. The limited visibility in the business model and lack of a satisfactory explanation from management on underperforming metrics mean that there is no clarity if trends have hit a trough, the analyst tells investors in a research note. Further, the recent loss of Progyny’s largest contract in Amazon is now going to weigh on the company’s growth trends in 2025, adds Truist.