Pegasystems price target lowered to $55 from $60 at DA Davidson

DA Davidson lowered the firm’s price target on Pegasystems (PEGA) to $55 from $60 and keeps a Buy rating on the shares. The firm anticipates stable cloud growth in Q1 and does not expect a large beat vs. consensus given an outlook for the year to be more back half weighted, the analyst tells investors in a research note. DA Davidson adds that its price target cut reflects peer multiple compression.