Prog Holdings price target lowered to $50 from $55 at KeyBanc

KeyBanc analyst Bradley Thomas lowered the firm’s price target on Prog Holdings (PRG) to $50 from $55 and keeps an Overweight rating on the shares. The firm notes the company issued disappointing guidance, due to a larger-than-expected one-time headwind from the loss of Big Lots as well as incremental pressure on its core customer. KeyBanc sees shares adjusting to this news significantly and believes the larger issue is more one-time in nature.