Progress Software price target lowered to $70 from $75 at DA Davidson

DA Davidson lowered the firm’s price target on Progress Software (PRGS) to $70 from $75 and keeps a Buy rating on the shares. The firm’s sales checks for Progress to get an updated view on the business in light of the recent narrative about coming disruption from AI suggest that customers noted that the company’s products remain mission-critical and are not looking for alternative solutions, the analyst tells investors in a research note. Progress Software trades at all-time lows on a multiple basis, but the firm sees future M&A as a positive catalyst for the stock, DA Davidson added.