Progyny price target lowered to $28 from $34 at Truist

Truist lowered the firm’s price target on Progyny (PGNY) to $28 from $34 and keeps a Buy rating on the shares after its Q4 results and below-consensus guide. The shortfall in covered lives reignited investor concerns about broader layoffs and employer demand trends potentially affecting Progyny’s growth trajectory, though the firm does not believe there has been any fundamental shift in the company’s top-line growth trajectory or demand environment, the analyst tells investors in a research note.