DA Davidson analyst Lucky Schreiner lowered the firm’s price target on Progress Software (PRGS) to $50 from $70 and keeps a Buy rating on the shares ahead of its Q1 earnings next week. The firm expects stable results with potential upside from the company’s SaaS business, the analyst tells investors in a research note. The stable results will be enough for the stock to react favorably to earnings, and the recent takeout rumors present new upside for Progress Software, the firm added.
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