Oppenheimer analyst Ittai Kidron lowered the firm’s price target on Progress Software (PRGS) to $57 from $70 to account for industry multiple compression, while keeping an Outperform rating on the shares. The firm notes Progress delivered a solid Q1, with revenue and earnings coming in ahead of expectations, driven by strong expense discipline and operating margin upside.
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Read More on PRGS:
- Progress Software price target lowered to $34 from $45 at Jefferies
- Progress Software Posts Strong Q1 Results, Raises EPS Outlook
- Closing Bell Movers: Phreesia down over 20% after guidance cut
- Progress Software reports Q1 non-GAAP EPS $1.60, consensus $1.57
- Progress Software sees Q2 non-GAAP EPS $1.47-$1.53, consensus $1.40