Pros Holdings price target lowered to $22 from $31 at KeyBanc

KeyBanc analyst Jason Celino lowered the firm’s price target on Pros Holdings (PRO) to $22 from $31 to reflect the pull-back in valuation, while keeping an Overweight rating on the shares. The firm notes the company reported solid Q1 results on broad-based strength, and signed a notable win-back with Southwest and a revenue management expansion with another large U.S. airline. Full-year guidance was left unchanged, which implies a steeper than typical second half the year ramp, but given the two notable Q1 deals, better sales execution/tenure, and good visibility into second half of the year, the firm feels comfortable with a more back-half-weighted year.