Pegasystems price target raised to $74 from $65 at JPMorgan

JPMorgan analyst Alexei Gogolev raised the firm’s price target on Pegasystems (PEGA) to $74 from $65 and keeps an Overweight rating on the shares. The firm sees cloud migration and legacy transformation driving the company’s growth. The “accelerating push” to modernize legacy systems is fueling demand for Pegasystems,, as enterprises seek to replace outdated technologies with cloud-native, artificial intelligence-ready architectures, the analyst tells investors in a research note. JPMorgan believes the company’s subscription-based model drives predictability.