Progyny’s Cautious Outlook: Hold Rating Amid Market Uncertainty and Conservative Guidance

Analyst Michael Cherny from Leerink Partners maintained a Hold rating on Progyny (PGNY – Research Report) and keeping the price target at $28.00.

Michael Cherny has given his Hold rating due to a combination of factors influencing Progyny’s current market position. While the company’s first-quarter results surpassed expectations, driven by improved fertility utilization and robust pharmacy growth, there remains a cautious outlook. The conservative guidance for the second quarter and only a slight increase in the fiscal year 2025 projections suggest limited visibility into the company’s operating model.
Despite strong fundamentals that could support long-term growth, the uncertainty in the market and the early stage of the 2026 selling season contribute to the decision to maintain a Hold rating. The price target remains at $28, reflecting a valuation based on future earnings and market conditions. As such, while the company shows promise, the recommendation remains cautious until there is greater clarity on future performance.