As previously reported, Citi analyst Steven Enders upgraded Pegasystems (PEGA) to Buy from Neutral with a price target of $45, up from $36, as he adjusted estimates and targets as part of his broader 2023 Back Office Software outlook. He is taking a more tactical view in the near-term, seeing opportunities in initial outlooks for 2023 and preferring names with potential upside, Enders tells investors. He cites valuation, improving margins and automation for his upgrade of Pegasystems and is also initiating a pair trades of Pegasystems against Appian (APPN), on which he has a Neutral rating.
Published first on TheFly
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