Benchmark Maintains a 'Buy' on Progress Software (PRGS); Close Look Suggests Parts May Be Worth More than the Whole
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Price: $43.61 -0.5%
Rating Summary:
9 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 20
Rating Summary:
9 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 20
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Benchmark maintains a 'Buy' on Progress Software (NASDAQ: PRGS) price target of $23.00.
Benchmark analyst said, "We estimate the break-up value of the Company to be over $2.1 billion, which equates to roughly $33 per share, significantly higher than the stock’s current market valuation of nearly $1.3 billion, or $20.47 per share. As such, we believe it is only a matter of time before investors begin to talk about the liquidation value of PRGS."
"However, based on our analysis and the current stock price, we increasingly believe management should actively divest both the EDS and ADP divisions and focus all of its attention, resources and time solely on the Company’s EBS Division that consists of faster growing products in increasingly relevant product categories."
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 $20.47 yesterday.
Benchmark analyst said, "We estimate the break-up value of the Company to be over $2.1 billion, which equates to roughly $33 per share, significantly higher than the stock’s current market valuation of nearly $1.3 billion, or $20.47 per share. As such, we believe it is only a matter of time before investors begin to talk about the liquidation value of PRGS."
"However, based on our analysis and the current stock price, we increasingly believe management should actively divest both the EDS and ADP divisions and focus all of its attention, resources and time solely on the Company’s EBS Division that consists of faster growing products in increasingly relevant product categories."
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 $20.47 yesterday.
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