Pegasystems price target lowered to $82 from $87 at Citi

Citi lowered the firm’s price target on Pegasystems to $82 from $87 and keeps a Buy rating on the shares. The Q1 results were mixed across the application software group, says the firm, which vies the outlooks as “relatively reset today with more of a de-risked view” versus the broader software sector. Citi sees a favorable setup with valuations remaining low across the group.