Bitcoin price today: dips below $112k, near 6-wk low despite Fed cut bets
Tuesday, KeyBanc has raised the price target on shares of PROG Holdings (NYSE: PRG) shares to $55 from $46 while maintaining an Overweight rating. The adjustment follows recent investor meetings with the company's senior management, which left the firm with a positive outlook on the company's initiatives and its revenue growth potential in the second half of the year and into 2025.
PROG Holdings is reportedly experiencing favorable gross merchandise volume (GMV) trends and is seeing growth with both new and existing retail partners, which is expected to support the company's stock performance. Despite challenges in many end markets, these factors are contributing to a more optimistic view of the company's future.
The partnership with American Signature, along with changes in the retail landscape involving players such as Conn's (OTC:CONNQ) and Big Lots (NYSE:BIG), are anticipated to have a neutral to positive impact on PROG Holdings. These developments are seen as part of the broader strategic efforts by the company to navigate the evolving retail sector.
KeyBanc's analysis suggests that PROG Holdings' shares are appealing due to a supportive valuation, with the stock trading at approximately 12.5 times earnings and offering around a 10% free cash flow (FCF) yield. These financial metrics are part of the rationale behind the firm's continued Overweight rating on the stock.
In summary, KeyBanc's revised price target reflects confidence in PROG Holdings' strategic initiatives and growth prospects, backed by solid financial valuation metrics. The firm's analysts believe the stock remains an attractive investment, leading to the increased price target of $55.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.