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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-02-07 00:00:00",
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      "text": "Spruce Point’s fair value price target for PGNY’s stock is approximately $7 to $14 per share.",
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      "text": "Implied Stock Price: $7-$14",
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      "text": "Financial consensus expectations appear too high for PGNY's 2023 outlook. We observe that revenue estimates have only been reduced by 5.0% in the past 12 months, while EBITDA expectations have largely remained unchanged. Spruce Point's fair value price target for PGNY's stock is approximately $7 to $14 per share.",
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      "text": "Sources: Bloomberg, PGNY 3Q22 10-Q (1) Spruce Point and Consensus FY23 EBITDA calculation includes an estimate for the cost of stock-based compensation in the amount of $100.5M",
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      "kind": "title",
      "text": "We See 60% - 80% Downside Risk To PGNY's Share Price As Expectations Are Simply Too High",
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