KeyBanc upgrades Progyny to Overweight on ’emerging’ catalysts

KeyBanc upgraded Progyny (PGNY) to Overweight from Sector Weight with a $30 price target The firm sees limited share downside from current levels and “several positive catalysts emerging” over the next 12 months. Many view the macro setup into 2026 as a headwind to Progyny based on the marginal number of lives lost to layoffs, but this could be a tailwind to those still employed, the analyst tells investors in a research note. KeyBanc upped estimates for Progyny to reflect to reflect better utilization on higher eligible lives.