Needham & Company Maintains a 'Buy' on Progress Software (PRGS); Looking at the 'Core'
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Price: $24.23 --0%
Rating Summary:
3 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 1 | Down: 7 | New: 8
Rating Summary:
3 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 1 | Down: 7 | New: 8
Trade PRGS Now!
Needham & Company maintains a 'Buy' on Progress Software (NASDAQ: PRGS) price target of $29.00.
Analyst, Scott Zeller, said, "The full results on the MayQ shortfall were in-line with preannounced revenue, and slightly better than previewed on EPS. As expected,
the earnings call centered on the disruption to PRGS, now that the restructuring plan announced in late April takes effect."
"We do see steps are being taken to “remake” PRGS, as the outlook for “core” PRGS was reiterated for FY13, headcount reductions have been put in motion, and one of the 10 “non-core” product lines, FuseSource, was sold to Red Hat (NYSE: RHT)(BUY) for an undisclosed sum. We see Progress as a turnaround story, and we believe investors are focusing on what the “new core” business will look like for FY12-13." (FY12 EPS estimate raised from $0.82 to $0.88)
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 $19.90 yesterday, with a 52 week range of $16.71-$26.28.
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Analyst, Scott Zeller, said, "The full results on the MayQ shortfall were in-line with preannounced revenue, and slightly better than previewed on EPS. As expected,
the earnings call centered on the disruption to PRGS, now that the restructuring plan announced in late April takes effect."
"We do see steps are being taken to “remake” PRGS, as the outlook for “core” PRGS was reiterated for FY13, headcount reductions have been put in motion, and one of the 10 “non-core” product lines, FuseSource, was sold to Red Hat (NYSE: RHT)(BUY) for an undisclosed sum. We see Progress as a turnaround story, and we believe investors are focusing on what the “new core” business will look like for FY12-13." (FY12 EPS estimate raised from $0.82 to $0.88)
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 $19.90 yesterday, with a 52 week range of $16.71-$26.28.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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