UPDATE: Wedbush Raises PT to $21 on Progress Software on Q4 Outlook

Wedbush reiterated its Neutral rating on Progress Software

but raised its price target from $21 to $22. Wedbush commented, "We are encouraged by PRGS's lack of a pre-announcement for its 4Q/Nov. Although business investment remains fairly constrained, we think PRGS may have closed one or more of the slipped deals that caused it to report disappointing revenues in 2Q and 3Q, and expectations for 4Q were subdued. Accordingly, we are increasing our 4Q EPS by a penny on higher core revenue, and slightly improving our core revenue outlook for FY13. Our FY13 EPS estimate is up from $1.35 to $1.39." Progress Software closed at $20.53 on Friday.