Pros Holdings price target lowered to $36 from $38 at Northland

Northland lowered the firm’s price target on Pros Holdings (PRO) to $36 from $38 and keeps an Outperform rating on the shares. The firm is reiterating Pros as a “top pick,” but notes the exchanged convertible bonds with an effectively lowered price point of dilution. The firm expects Pros to close the three financial transactions announced June 13, which effectively exchange $185M of the $270M 2027 $41.82 conversion price bonds for what will now effectively be a $30.32 price, at which dilution to equity holders will occur.