Pegasystems price target raised to $70 from $60 at DA Davidson

DA Davidson analyst Gil Luria raised the firm’s price target on Pegasystems to $70 from $60 and keeps a Neutral rating on the shares. The company’s Q2 earnings beat demonstrated continued operating discipline, strong product innovation, and ACV, or annual contract value, acceleration towards 2024 year-end guidance, the analyst tells investors in a research note. Pega‘s balance sheet is strong ahead of Q1-2025 convertible debt maturity, the firm added.