Benchmark Maintains Buy on Progress Software

Benchmark is out with its report today on Progress Software

, maintaining Buy. In its report, Benchmark writes, "We maintain our Buy rating and price target of $25. At a price of $19.25, PRGS's stock trades under 12x our $1.63 FY12 EPS estimate, which is near the bottom of the Company's multi-year historical P/E multiple range. At our $25 price target, PRGS would trade at 15x our FY12 estimate, slightly above today's multiple, but in line with recent P/E multiples and in line with the Company's long-term earnings growth rate of 25%." At the time of posting, shares of PRGS were trading at $19.52, up 1.40% from Tuesday's close.