Pegasystems price target raised to $87 from $86 at Citi

Citi raised the firm’s price target on Pegasystems to $87 from $86 and keeps a Buy rating on the shares. The U.S. application software results were largely split across with solid results in automation yet some softer results and guides within collaboration, the analyst tells investors in a research note. The firm views the outlooks as relatively conservative with more of a de-risked view verses other areas of software. It sees a favorable setup with valuations “remaining low across the group.”