UPDATE: Wedbush Raises PT on Progress Software Corporation on 1Q Revenue Beat
In a report published Thursday, Wedbush analyst Steve Koenig reiterated a Neutral rating on Progress Software Corporation (NASDAQ: PRGS), and raised the price target from $22.00 to $24.00.
In the report, Koenig noted, “PRGS's 1Q revenue beat was encouraging – even if only by $3M – as it stood in contrast to Feb. quarter misses from larger software companies ORCL (NEUTRAL), TIBX (OUTPERFORM), and RHT (not covered). The company's core revenue grew 2% Y/Y, the first non-negative result since 4Q11, driven by modest growth in OpenEdge and double-digit growth in Decision Analytics. For the first time in a long time, we are feeling upbeat about PRGS's ability to stabilize its top line, while improving margins, based on the company's decent 1Q print and greater transparency accompanying the change in its management team.”
Progress Software Corporation closed on Wednesday at $22.28.
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