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UPDATE: Jefferies Raises PT on Progress Software Following Solid 2Q Results

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In a report published Thursday, Jefferies analyst Aaron Schwartz reiterated a Hold rating on Progress Software (NASDAQ: PRGS), and raised the price target from $21.00 to $23.00.

In the report, Jefferies noted, “PRGS reported solid 2Q results as the realigned organization has taken shape faster than plan resulting in better deal conversion against conservative guidance. Beyond the near-term restabilization, the company is complete in narrowing its focus around core app dev solutions, which should provide longer-term differentiation with operational leverage. The company is performing well, but we also believe fairly valued relative to growth.”

Progress Software closed on Wednesday at $22.05.

Latest Ratings for PRGS

Sep 2016Ladenburg ThalmannDowngradesBuyNeutral
Oct 2015WedbushMaintainsNeutral
Jun 2015Sidoti & Co.Initiates Coverage onNeutral

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Posted-In: Aaron Schwartz JefferiesAnalyst Color Price Target Analyst Ratings


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