Macquarie lowered the firm’s price target on Pegasystems to $45 from $50 and keeps a Neutral rating on the shares. While stating that Pegasystems posted a “solid Q3 beat” and remains on track to hit its FY23 guidance for year-over-year ACV growth, the firm cites a higher cost of capital and lower multiples for professional services for its price target cut.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PEGA: