Needham & Company Reiterates a 'Buy' on Progress Software (PRGS); Expect Material Announcement Mid-April

Needham & Company reiterates a 'Buy' on Progress Software (NASDAQ: PRGS) price target raised from $21 to $29.

Analyst, Scott Zeller, said, "Given the absence of guidance, and the in-process work being performed by a bulge-bracket advisor, we are expecting the “late April” go-forward plan to include material changes to the company, possibly a formal sale process and/or restructuring. It is our view the disruptions caused by today’s announcements (CFO departure, lack of financial guidance, the announcement of the bulge-firm’s review) may add more fuel to the activist cause, increasing pressure for a sale of PRGS, and therefore increasing share value."

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 $23.66 yesterday.

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