Pegasystems price target lowered to $44 from $52 at DA Davidson

DA Davidson lowered the firm’s price target on Pegasystems to $44 from $52 and keeps a Neutral rating on the shares after its Q3 results. The company’s ACV growth is likely approaching a bottom and its free cash flow margins will further improve from here, but the firm is “net cautious” before hearing from its management in February, the analyst tells investors in a research note.