Pegasystems price target raised to $96 from $84 at Barclays

Barclays raised the firm’s price target on Pegasystems (PEGA) to $96 from $84 and keeps an Equal Weight rating on the shares. The company reported a “huge” term license beat which “created a lot of positive noise” in Q1, the analyst tells investors in a research note. However, the firm says renewal timing and duration benefits were major factors, so it is “not sure we should get overly excited.”