Progress Software price target lowered to $34 from $45 at Jefferies

Jefferies analyst Brent Thill lowered the firm’s price target on Progress Software (PRGS) to $34 from $45 and keeps a Hold rating on the shares. The company’s fiscal Q1 report showed “steady execution, strong margins, and disciplined capital allocation,” the analyst tells investors in a research note. However, the firm says Progress Software’s organic growth is range-bound in the low-single-digits. It believes the business lacks near-term upside catalysts.