Pegasystems gain on Wedbush upgrade to "outperform"

Pegasystems

05/07/2023 13:19

** Pegasystems Inc's shares  PEGA.O  rise 4.1% to $51 before
the bell
    ** Wedbush upgrades the enterprise software maker to
"outperform" from "neutral", raises PT to $65 from $50
     ** The new price target represents a near 33% upside to the
stock's last close
    ** Brokerage says co's "Pega Cloud" model is stabilizing,
leading to more recurring revenue and higher gross margins
    ** Says generative AI positive for co and legal issues from
the Appian lawsuit are overblown
    ** Five of 16 brokerages rate the stock "buy" or higher, 10
"hold" and one "sell"; their median PT is $51- Refinitiv data
    ** Up to Monday's close, stock had risen ~43% YTD

 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))