UPDATE: Dougherty & Company Raises PT on Pegasystems

Dougherty & Company raises its price target on Buy-rated Pegasystems

to $36, up $5, on strong rebound to license signings in Q4. Dougherty & Company notes, "After dramatic decline in license signings last quarter, license signings more than doubled yr./yr. in the quarter to $133.7 million, aided by large deals and deals that slipped from 3Q. Total license backlog increased 59% yr./yr. to $238.4 million. It is, however, worth noting that more than doubling of term license backlog, non-current, largely drove the large increase in total license backlog. Total license signings increased 73% yr./yr. in 2011." PEGA closed at $28.08 a share on Friday.