- Loop Capital Markets analyst Anthony Chukumba downgraded PROG Holdings, Inc. (NYSE:PRG) to Hold from a Buy Rating, with a price target of $34.
- The analyst remains worried about near-term gross merchandise volume (GMV) (which dropped 17.0% YoY in 1Q 2023).
- The analyst cautions about the dramatic pandemic-driven demand pull-forwards in furniture, appliances, and consumer electronics—three of PROG Holdings’ largest product categories.
- The analyst also flags that he has not seen any tangible signs of consumers “trading down” to lease-to-own, or LTO (which would benefit PROG Holdings) due to subprime credit drying up, as usually occurs when the U.S. macroeconomic backdrop becomes more challenging.
- PROG will also likely face macroeconomic pressures on the company’s core low-income customer base, which could result in lower revenues and increased merchandise write-offs.
- The analyst believes that GMV trends must improve materially for investors to revalue the stock.
- Price Action: PRG shares are trading lower by 3.60% to $32.93 on the last check Monday.
Aesther Healthcare Acquisition Corp. Announces Intention To Extend Period To Consummate Business Combination
New York, NY and Providence, RI, Dec. 13, 2022 (GLOBE NEWSWIRE) -- As previously announced, on August 31, 2022, Aesther Healthcare Acquisition Corp. ("Aesther") (NASDAQ:AEHA) entered into definitive merger
