UPDATE: Wedbush Securities Initiates Coverage on Pegasystems with Neutral Rating, $26 PT
In a report published Friday, Wedbush Securities initiated coverage on Pegasystems (NASDAQ: PEGA) with a Neutral rating and $26.00 price target.
Wedbush noted, “We are initiating coverage of PEGA with a NEUTRAL rating and 12-month target price of $26, about 9% above current levels. From an investment perspective, we think PEGA's differentiation and technology leadership in the business process management (BPM) market and its track record of 20%+ annual top-line growth since FY06 are significant positives. However, although PEGA shares may have long-term appreciation potential, we see too many uncertainties right now about PEGA's growth and margin expansion potential to recommend accumulating shares.”
Pegasystems closed on Thursday at $23.60.
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