Progyny price target lowered to $25 from $37 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Progyny to $25 from $37 and keeps an Overweight rating on the shares. On Wednesday, Progyny announced the loss of its largest client, which accounted for 12% revenue year-to-date and a slightly lower contribution to earnings, the analyst tells investors in a research note. The firm would buy shares once the stock settles, as it thinks the company is likely near trough valuations and Cantor remains optimistic around the growth of fertility coverage. In addition, Cantor believes this is likely an isolated incident and remains comfortable that the company will be in a net growth position excluding this large loss.