Pegasystems price target raised to $90 from $70 at DA Davidson

DA Davidson raised the firm’s price target on Pegasystems (PEGA) to $90 from $70 and keeps a Neutral rating on the shares. The company’s Q1 results outperformed on Pega Cloud and Total contract value, and more materially on revenue and earnings, the analyst tells investors in a research note. The firm says management struck a positive tone on end demand, even in the current environment, which was better than expected.