Pegasystems upgraded to Outperform from Market Perform at JMP Securities

JMP Securities upgraded Pegasystems (PEGA) to Outperform from Market Perform with an $85 price target after the Virginia Court of Appeals reversed the $2B jury verdict for Appian (APPN) and remanded for a new trial in a court battle over Pegasystems’ alleged misappropriation of trade secrets. With the judgement reversed, Pegasystems “now presents a compelling opportunity for capital appreciation for several reasons,” the analyst tells investors in a research note. The firm says the company’s contract value growth is accelerating and Blueprint, despite being in early days, is generating a lot of interest thus far.