Barclays Keeps Equal-Weight Rating on Pegasystems with $50 Price Target

Barclays Keeps Equal-Weight Rating on Pegasystems with $50 Price Target

Barclays has revised its price target for Pegasystems (PEGA) to $50, down from $100, while maintaining an Equal Weight rating on the shares [1]. The financial institution cited robust channel checks in May and June as the primary reason for the updated target, expecting solid earnings for the second quarter. The analyst also mentioned an increased likelihood of meeting or exceeding guidance.

MarketBeat's consensus analyst ratings for Pegasystems indicate a "Moderate Buy" rating, with nine analysts rating the stock as a "Buy" and three giving a "Hold" rating. The average price target from analysts is $54.55, with the highest target at $68.00 and the lowest at $39.00 [2].

The current stock price of Pegasystems is $52.21, reflecting a 4.47% forecasted upside based on the average price target. Analysts have highlighted Pegasystems' strong product portfolio and focus on automation as key advantages, positioning the company favorably amidst growing demand for intelligent automation solutions. However, the competitive landscape in the software industry, the need for continuous innovation, and sector-specific risks remain potential challenges for the company.

References:
[1] https://www.tipranks.com/news/the-fly/pegasystems-price-target-lowered-to-50-from-100-at-barclays-thefly
[2] https://www.marketbeat.com/stocks/NASDAQ/PEGA/forecast/