Progyny price target lowered to $26 from $33 at Truist

Truist lowered the firm’s price target on Progyny to $26 from $33 but keeps a Buy rating on the shares. The annoucement that a “significant client” elected to exercise a 90-day option to terminate its services agreement with Progyny is a “disappointing” development that is likely to add to concerns around market competitiveness and the company’s ability to differentiate itself relative to its competitors, the analyst tells investors in a research note. Truist adds however that Progyny is still early in their growth potential in the family building space, which is still large and underpenetrated.