Why Pegasystems Stock Is Soaring Today
The stock of (NASDAQ: PEGA) is posting big gains on Wednesday thanks to positive coverage from an analyst. The low-code software specialist's share price was up 14.4% as of 1:30 p.m. ET today, according to data from S&P Global Market Intelligence.
Wedbush Securities' senior equities research analyst Daniel Ives published a note on Pegasystems early this morning, upgrading his rating on the stock from neutral to outperform. The analyst also raised his one-year price target on the stock from $50 per share to $65. With the stock currently trading at roughly $56, that would suggest additional upside of 16%.
In his recently published note, Ives said that he thinks Pegasystems' business is getting ready to turn a corner thanks to a widening foundation of subscription-based recurring revenue and improving margins from its cloud-based services making up a greater portion of overall sales. In particular, Ives sees generative artificial intelligence (AI) driving increased business for Pegasystems Cloud.
Source Fool.com
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