Pegasystems upgraded to Equal Weight from Underweight at Barclays

Barclays upgraded Pegasystems to Equal Weight from Underweight with an unchanged price target of $52. After a strong 2023, software “needs to deliver” in 2024 on the promise of artificial intelligence and recovery, the analyst tells investors in a research note. The firm thinks the larger players are better positioned to do so. After a strong year for the shares in 2023 Barclays is downgrading Elastic (Elastic) and Snowflake (SNOW). The firm says seat-based models will continue to struggle, causing its downgrades of Zoominfo Technologies (ZI) and Jamf Holding (JAMF) to Equal Weight and Walkme (WKME) to Underweight.