BTIG upgrades Progyny to Buy on improving demand

BTIG upgraded Progyny (PGNY) to Buy from Neutral with a $28 price target The firm says the company’s demand is coming back up, the stock’s valuation is reasonable, and that it likes Progyny’s balance sheet and cash flow. BTIG’s recent survey of 15 health plans shows that Progyny is expected to gain “significant” market share, plans generally view the company as being high-quality with reasonable pricing, and that the company can improve overall cost trend, the analyst tells investors in a research note. BTIG believes consumption of services will continue to stabilize and improve, the Trump Administration favors in vitro fertilization, and election-related economic uncertainty is now behind us.

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