Wedbush Reiterates Neutral Rating Following Progress Software (PRGS) Investor Meeting

Wedbush reiterates a Neutral rating and $24.00 price target on Progress Software (NASDAQ: PRGS) following an investors meeting in New York. Analyst Steve Koenig is more positive with PRGS's opportunity to create shareholder value, but remains sidelined until he can see more tangible signs of better execution.

Koenig commented on PRGS, saying, "PRGS has articulated a compelling strategy for its platform-as-a-service, which now includes development tools and a mobile application platform from Telerik, a point-and-click platform for web application development from Rollbase, and a deployment platform for native JavaScript web applications. We believe PRGS has a lot of the assets it needs to appeal to many types of cloud developers; the trick now will be for PRGS to execute on this vision. Execution has been PRGS's Achilles heel under a succession of CEOs, but we see some promise that CEO Phil Pead and his team can improve on PRGS's track record. The company has created a business unit structure with full P&L accountability, backed by better operating data and incentives that include growth and profitability
objectives."

For an analyst ratings summary and ratings history on Progress Software click here. For more ratings news on Progress Software click here.

Shares of Progress Software closed at $26.70 yesterday.

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