Pegasystems price target lowered to $50 from $100 at Barclays

Barclays lowered the firm’s price target on Pegasystems (PEGA) to $50 from $100 and keeps an Equal Weight rating on the shares. The firm likes the setup for on-cycle reporting software names into Q2 earnings. After initial uncertainty in April, channel checks for May and especially June were much stronger, the analyst tells investors in a research note. As a result, Barclays expects solid Q2 prints and the chance to guidance increases.