Market Overview

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

Related PRGS
Progress Software Announces Intent To Acquire Telerik
Morning Market Movers

Wedbush reiterated its Neutral rating on Progress Software (NASDAQ: PRGS) 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.

Latest Ratings for PRGS

DateFirmActionFromTo
Mar 2014JefferiesMaintainsHold
Dec 2013JMP SecuritiesDowngradesMarket OutperformMarket Perform
Jun 2013JefferiesMaintainsHold

View More Analyst Ratings for PRGS
View the Latest Analyst Ratings

Posted-In: WedbushAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (PRGS)

Around the Web, We're Loving...

Get Benzinga's Newsletters