Jefferies analyst Brent Thill lowered the firm’s price target on Progress Software (PRGS) to $50 from $60 and keeps a Hold rating on the shares. The firm says the company reported strong fiscal Q3 results with a revenue beat driven by broad-based product strength. Progress spoke to continued progress with the ShareFile integration, and its fiscal 2025 outlook reflected a pass-through of the Q3 beat with no change to Q4 expectations, the analyst tells investors in a research note. Jefferies still sees limited catalysts for the company accelerate pro-forma growth.
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