Benchmark Company Reiterates Buy Rating, $33 PT on Progress Software Corporation
In a report published Wednesday, Benchmark Company reiterated its Buy rating and $33.00 price target on Progress Software Corporation (NASDAQ: PRGS).
Benchmark Company noted, “We expect PRGS to meet our revenue and operating margin targets of $90 million and 27% for the core business when the Company reports F4Q12 results in early January. While ISV checks suggest ongoing macro concerns in financial services and Europe, we believe our numbers are sufficiently low to offset these headwinds. Even though we are comfortable with our estimates, we think there's limited upside to our numbers due to operational disruptions from restructuring activities, non-core product line divestitures and the unexpected departure of its former CEO.”
Progress Software Corporation closed on Tuesday at $21.18.
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