PGNY - Progyny raised to buy at BofA noting an 'attractive' entry point

Progyny ([[PGNY]] +5.3%) shares have surged ~89.4% over the past 12-month period. Yet the analysts at Bank of America have upgraded the stock to buy from neutral noting an ‘attractive’ entry point following the recent pullback.At ~7x 2022 EV/ revenue estimate, the price target is maintained at $53.00 per share implying ~20.8% upside to the previous close.The analyst Michael Cherny and the team argue that the stock’s recent weakness is ‘overdone’ despite the company’s 2021 guidance coming mostly in-line with the consensus.Noting that Progyny’s revenue growth is at or near the high end of the peer group, the analysts project a further acceleration in 2022 subject to the company converting its expanding pipeline into closed deals after the COVID-related impact in 2020.Despite the revenue beat, Progyny shares fell following its Q4 2020 earnings release in reaction to the softer guidance for 2021.

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Progyny raised to buy at BofA noting an ‘attractive’ entry point