UPDATE: Jefferies Cuts PT to $25 on Progress Software Corporation on Continuing Transition
Jefferies reiterates its Hold rating on Progress Software Corporation (NASDAQ: PRGS) and lowers its price target from $28 to $25.
Jefferies comments, "PRGS reported full 2Q results and spoke to the potential for continued transitional disruption, which was not completely unexpected. Initial progress with planned divestitures has been made and PRGS should commence planned share repurchases shortly; which will be a material source of FY13 EPS growth. But given the transitional uncertainties, it is hard to pinpoint a turning point and we remain neutral on the stock."
PRGS closed at $19.90 on Wednesday.
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