JPMorgan lowered the firm’s price target on Progyny (PGNY) to $22 from $31 and keeps an Overweight rating on the shares. The company “faced another blow” as it announced that a large client plans to terminate its services agreement, the analyst tells investors in a research note. The firm says the termination will “become a detriment to the model” beginning in January 2025. JPMorgan believes the client is potentially Amazon (AMZN), which comprised 15% of Progyny’s revenue in 2019.
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