BUZZ-Fintech PROG falls after Jefferies downgrades to 'hold'

Shares of fintech firm PROG Holdings PRG.N fall as much as 4.1%; last down 3.4% at $28.18

Jefferies downgrades PRG to "hold" from "buy", as it awaits catalysts from a more favorable environment

Brokerage says growing evidence of a delayed industry recovery along with PRG's exposure to challenged retail segments and mixed credit trends dampens its recovery thesis

Says it was anticipating some signals that lower-income Americans would accelerate discretionary spending after over two years of constrained activity, but it is yet to see it manifest at this point

Jefferies cuts PRG PT to $29 from $58, a 0.6% downside to stock's last close

Last week, PRG forecast annual adjusted EPS and revenue below Wall Street expectations amid higher delinquencies and growth headwinds

Five of seven brokerages rate the stock "buy" or higher and two "hold"; their median PT is $44, according to data compiled by LSEG

As of last close, PRG stock down 31% YTD