Why Pegasystems Stock Is Soaring Today
The stock of (NASDAQ: PEGA) is posting big gains on Wednesday thanks to positive coverage from an analyst. The low-code software specialist's share price was up 14.4% as of 1:30 p.m. ET today, according to data from S&P Global Market Intelligence.
Wedbush Securities' senior equities research analyst Daniel Ives published a note on Pegasystems early this morning, upgrading his rating on the stock from neutral to outperform. The analyst also raised his one-year price target on the stock from $50 per share to $65. With the stock currently trading at roughly $56, that would suggest additional upside of 16%.
In his recently published note, Ives said that he thinks Pegasystems' business is getting ready to turn a corner thanks to a widening foundation of subscription-based recurring revenue and improving margins from its cloud-based services making up a greater portion of overall sales. In particular, Ives sees generative artificial intelligence (AI) driving increased business for Pegasystems Cloud.
Source Fool.com
Pegasystems Stock
The stock is an absolute favorite of our community with 24 Buy predictions and no Sell predictions.
With a target price of 52 € there is a hugely positive potential of 87.05% for Pegasystems compared to the current price of 27.8 €.
