Rosenblatt initiates Pegasystems with 'buy' on growth from subscription model

Pegasystems

08/05/2023 13:10

** Rosenblatt Securities initiates coverage of enterprise
software co Pegasystems Inc  PEGA.O  with "buy" rating 
    ** Brokerage assigns PT of $56, reflecting a potential 32.6%
upside on stock's last close
    ** Says PEGA's operational performance could improve as it
completes its transformation to a subscription model
    ** Adds co can benefit from scaling of its cloud products
and using its platform with new product capabilities in process
mining, generative AI and app development
    ** "We view Pega's installed base as very "sticky" owing to
the mission critical nature of its solutions, size, and
complexity of their implementations" - Rosenblatt
    ** Three brokerages rate the stock "buy" or higher, 10
"hold" and one "sell" or lower; their median PT is $50
    ** PEGA up 23.34% YTD

 (Reporting by Aniruddha Ghosh in Bengaluru)
 ((Aniruddha.Ghosh@thomsonreuters.com; 91 83 83 81 2416;))