Pegasystems price target raised to $70 from $60 at RBC Capital

RBC Capital analyst Rishi Jaluria raised the firm’s price target on Pegasystems (PEGA) to $70 from $60 and keeps an Outperform rating on the shares. Pegasystems reported solid Q2 results, with Total ACV, Cloud ACV, total revenue, EPS, and free cash flow topping consensus estimates, the analyst tells investors in a research note. Shares offer a favorable risk/reward, the firm says.