Market Overview

UPDATE: Benchmark Company Reiterates Hold Rating, Lowers PT on Pegasystems

Related PEGA
Will Pegasystems (PEGA) Continue to Surge Higher? - Tale of the Tape
Pegasystems Announces Increase in Quarterly Cash Dividend to $0.03 from $0.015 per Share

In a report published Friday, Benchmark Company reiterated its Hold rating on Pegasystems (NASDAQ: PEGA), but lowered its price target to $21.00.

Benchmark noted, “Last night, PEGA reported 3Q results below unguided consensus estimates for both revenue and EPS. While not providing explicit forward guidance, management suggested that it will be difficult to hit its initial 2012 targets, so we are lowering our estimates for the rest of the year and 2013. The general operating parameters that sparked our downgrade following 2Q were in evidence in the 3Q miss: slowness in Europe (32% of 3Q sales), continued choppiness in financial services (about 50% of sales), customers reluctant to commit to large deals and a license mix trending towards term licenses, which pressures near-term revenue growth.”

Pegasystems closed on Thursday at $20.14.

Posted-In: Benchmark CompanyAnalyst Color Price Target Analyst Ratings


Related Articles (PEGA)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters