Core Business PerformanceThe core leasing business is worse than previously anticipated and confirms the original thesis for downgrading PRG shares.
Guidance And ExpectationsManagement lowered 2025 guidance by a considerable amount, due to macro deterioration leading to lower-than-expected GMV and leased assets.
Market CompetitionThere is concern about increased competition in BNPL and broader point of sale finance, contributing to the downgrade of peer, pure-play BNPL player Affirm from Buy to Neutral.