Pegasystems (PEGA) PT Raised to $112 at Rosenblatt

Rosenblatt analyst Blair Abernathy raised the price target on Pegasystems (NASDAQ: PEGA) to $112.00 (from $101.00) while maintaining a Buy rating.

The analyst commented: "On Monday, Pega hosted its PegaWorld conference and Investor Day, during which they made several new AI-related product announcements and tweaked their FY25 revenue guidance by ~6% to $1.7b (prior was $1.6b), indicating growth of 13.6% Y/Y, which largely reflects the Q1 revenue beat from the April report and growing confidence in its pipeline despite macro turmoil. Recall that Pega typically only provides annual guidance without quarterly updates. Following this event, we are marginally increasing our forecast, mainly due to the increased momentum of Blueprint and traction with GSI partners that we expect to help drive more workloads over the next year. With the improved outlook, we are increasing our target price to $112 (was $101) and maintaining our Buy rating."

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