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Benchmark Company Reiterates Buy Rating, $33 PT on Progress Software Corporation

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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.

Latest Ratings for PRGS

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

View More Analyst Ratings for PRGS
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Posted-In: Benchmark CompanyAnalyst Color Reiteration Analyst Ratings


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