Progyny: Updating Our Estimates

研报英文原文证据摘录

Progyny: Updating Our Estimates

J P M O R G A N North America Equity Research

02 July 2026

Progyny Neutral

PGNY, PGNY US

Updating Our Estimates Price (01 Jul 26):$29.45

▲Price Target (Dec-26):$27.00

Prior (Dec-26):$26.00

We are updating our PGNY model following our recent catch-up with the

company, with changes primarily reflecting the raised FY26 guidance driven by Managed Care and Facilities

healthy member engagement patterns YTD and a “substantially favorable” new Lisa C. Gill AC

pipeline compared to this point last year, as well as minor adjustments to quarterly (1-212) 622-6466

cadence. We are encouraged by a number of positive selling season trends with lisa.c.gill@jpmorgan.com

PGNY seeing higher RFP volume from clients currently under contract with Cole Harris

competitors, coupled with lower RFPs than the company typically expects from its (1-212) 622-9068

cole.harris@jpmorgan.com

existing base of logos. Management highlighted PGNY’s people-led philosophy,

John Stansel, CFA

highly supportive patient experience, and proven clinical outcomes driving “hard

(1-212) 622-0083

ROI dollars” for clients over time as factors differentiating the company’s offerings john.stansel@jpmorgan.com

in the marketplace vs. peers. Good traction in the health plan sales channel was also Benjamin Rossi

highlighted as benefiting the pipeline, with PGNY seeing a positive contribution (1-212) 622-9603

to demand generation in the first full selling season partnered with Cigna. We also benjamin.rossi@jpmorgan.com

appreciate that the narrative has benefitted from greater visibility compared to the J.P. Morgan Securities LLC

beginning of the year, both in terms of a somewhat de-risked forward outlook

supported by early commitments from two of PGNY’s largest clients that were up