Pegasystems price target raised to $90 from $84 at Loop Capital

Loop Capital analyst Mark Schappel raised the firm’s price target on Pegasystems (PEGA) to $90 from $84 and keeps a Buy rating on the shares after its Q3 earnings beat. The company’s constant currency ACV growth of 14% was ahead of Loop’s 11% growth forecast while its free cash flow came in better than expected, the analyst tells investors in a research note. Loop adds that Pegasystems’ commentary around the business continues to be upbeat, led by former go-to-market changes driving a higher level of execution.