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LivestreamMenuProgyny is likely to rally as its fertility benefits management business gains traction, according to Wells Fargo. The investment bank began research coverage of the fertility benefits provider with an overweight rating and $37 price target on the stock, suggesting 45% upside from Wednesday’s close. “Sitting at the intersection of demographic pressures, corporate wellness priorities, and healthcare innovation, PGNY’s superior success rates, ROI … reflect ‘compounder’ attributes,” analyst Stan Berenshteyn wrote Thursday in a note to clients. Progyny’s robust carrier partnerships and global expansion provide multiple avenues to take market share, deepen client spending and sustain growth, Berenshteyn added. The analyst noted that the company now offers an additional selling point through a plan called Progyny Select , providing fully-insured, supplemental planning for fertility and family-building. Wells Fargo’s recommendation matches the consensus on Wall Street, where 9 of 11 analysts rate Progyny a buy or strong buy, LSEG data shows. Shares have risen roughly 13% over the past year.Read More
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