Macquarie raised the firm’s price target on Pegasystems to $67 from $45 and keeps a Neutral rating on the shares. While Pegasystems posted a “strong Q4 beat” and issued FY24 guidance for 11% year-over-year annual contract value, or ACV, growth, the firm thinks that in the near term the company’s operational momentum is overshadowed by the APPN litigation overhang and its potential for disruption.
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