Pegasystems price target raised to $60 from $52.50 at Loop Capital

Loop Capital analyst Mark Schappel raised the firm’s price target on Pegasystems (PEGA) to $60 from $52.50 and keeps a Buy rating on the shares. The firm is updating its estimates that incorporate the recent two-for-one stock split effective June 23. Following recent discussions with the company, Loop’s confidence in its investment thesis has grown, and as such, the firm believes the stock will move closer to its price target as investors gain increased confidence in management’s strategy and vision, the analyst tells investors in a research note.