Progress Software initiated with a Buy at DA Davidson

DA Davidson initiated coverage of Progress Software with a Buy rating and $65 price target. Progress has “maintained relevancy over decades with its deep-rooted and uniquely profitable application development platform,” OpenEdge, while he company has been successful recently executing its M&A strategy, the analyst tells investors. Progress now provides a wide range of infrastructure solutions with stable organic revenue growth, says the firm, which expects management will continue to be successful in producing inorganic growth while maintaining “best in class margins.”