Pegasystems assumed with an Overweight at KeyBanc

KeyBanc last night assumed coverage of Pegasystems (PEGA) with an Overweight rating and $118 price target The firm assumed coverage of the workflow automation sub-sector with a constructive view. The market is “significantly large” and is supported by a durable stream of opportunities from organizations executing upon their everlasting digital transformation journey, the analyst tells investors in a research note. KeyBanc sees meaningful opportunities for workflow automation providers Appian and Pegasystems to capture. It is positive on Pegasystems’ “near Rule of 40” financial profile and see its recent generative artificial intelligence Blueprint product and refined go-to-market model for new logos as potentially driving growth acceleration.