DA Davidson analyst Lucky Schreiner upgraded Pegasystems (PEGA) to Buy from Neutral with a price target of $85, up from $60. The company reported “very strong” Q3 results with accelerating cloud contract volume growth, the analyst tells investors in a research note. The firm believes Pegasystems has a large opportunity to modernize legacy applications which can provide upside to long-term estimates. Blueprint adoption remains in the early stages, contends DA Davidson.
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