Progyny price target lowered to $37 from $46 at Truist

Truist analyst Jailendra Singh lowered the firm’s price target on Progyny to $37 from $46 but keeps a Buy rating on the shares. The firm is updating its model to reflect the company’s Q1 results while also reducing its forward EBITDA multiple to 13-times from 15.5-times amid uncertainty around utilization trends and tempered investor sentiment, the analyst tells investors in a research note. Truist adds however that its Buy rating on Progyny reflects the company’s favorable industry growth drivers, underpenetrated total addressable market, attractive balance sheet and cash flow profile, and “attractive” EBITDA margins.