Pegasystems price target lowered to $45 from $50 at Macquarie

Macquarie lowered the firm’s price target on Pegasystems to $45 from $50 and keeps a Neutral rating on the shares. While stating that Pegasystems posted a “solid Q3 beat” and remains on track to hit its FY23 guidance for year-over-year ACV growth, the firm cites a higher cost of capital and lower multiples for professional services for its price target cut.