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

DA Davidson analyst Lucky Schreiner lowered the firm’s price target on Progress Software (PRGS) to $70 from $75 and keeps a Buy rating on the shares as part of a broader research note updating estimates within the firm’s coverage of the Software group. The firm is now assuming a base case of one or two quarters of negative GDP in the US this year, which will translate to lower growth and has already translated to lower valuations, the analyst tells investors in a research note. DA Davidson adds that regardless of how the current tariff regime plays out, it sees a slowdown in consumer activity and corporate investment, at least for the next couple of quarters.