PROG Holdings

PRG · NYSE

$30.92+$0.09 (+0.29%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $30.83

PRG analyst rating

BuyConsensus of 9 analysts over the last 12 months. 89% rate it a buy.

Strong buy0
Buy8
Hold1
Underperform0
Sell0

12-month price target · 8 analysts

Average $54.50 (+76.3% upside)

Low: $45.45
Now: $30.92
High: $67.20

Upgrades and downgrades

The latest rating actions, newest first

PRG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Loop Capital	Oct 8, 2026	Upgrade	Hold → Buy	$45.00	53%
Jefferies	Oct 7, 2026	Maintains	Buy	$60.00 → $50.00	49%
B. Riley Securities	Jul 30, 2026	Maintains	Buy	$57.00 → $64.00	52%
Keybanc	Jul 30, 2026	Maintains	Overweight	$45.00 → $50.00	40%
Jefferies	Jul 8, 2026	Upgrade	Hold → Buy	$33.00 → $60.00	49%
TD Cowen	Jul 7, 2026	Maintains	Buy	$45.00 → $50.00	51%
Loop Capital	Jul 1, 2026	Downgrade	Buy → Hold	$48.00	53%
TD Cowen	Apr 30, 2026	Maintains	Buy	$40.00 → $45.00	17%
Stephens & Co.	Apr 30, 2026	Maintains	Overweight	$40.00 → $47.50	59%
TD Cowen	Mar 11, 2026	Maintains	Buy	$42.00 → $43.00	54%

The case for and against

Updated Oct 17, 2026

Bull case

PROG Holdings is viewed favorably because its core Progressive Leasing business appears to be reaccelerating, with 2Q 2026 marking its first GMV growth since 4Q 2024 and improving trends at key retail partners like Best Buy and Wayfair supporting 2H 2026 momentum. The company’s diversified platform is also strengthening through Four Technologies, which posted its 11th consecutive quarter of triple-digit-percentage GMV growth in 2Q 2026, while consolidated 1Q26 GMV rose more than 54% and leasing write-offs stayed flat at 7.3%, below expectations. With 2026 guidance raised to $3.1B of revenue, $356M of adjusted EBITDA, and $4.60 of adjusted EPS, the combination of growth, improving profitability, and lower leverage supports a constructive fundamental outlook.

Bear case

PROG Holdings is viewed negatively because its core Progressive Leasing business is already showing softer demand, with 1Q26 GMV down 2% to $393M and revenue down 8% YoY to $597M on smaller portfolio balances. Although the 2Q 2026 write-off rate of 8.4% and 70 bps YoY increase appears manageable relative to full-year guidance, the company remains exposed to low-income consumer stress, regulatory pressure, competition, and merchant concentration risk. At 5.3x F2027 diluted EPS, the stock may look cheap, but that discount reflects real fragility in credit performance and a business model dependent on tightening underwriting when macro conditions worsen.

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