Progress Software price target raised to $63 from $53 at Oppenheimer

Oppenheimer analyst Ittai Kidron raised the firm’s price target on Progress Software to $63 from $53 and keeps an Outperform rating on the shares. The firm notes Progress delivered a solid February quarter, beating consensus estimates behind robust demand for its product portfolio and strong cost management. Oppenheimer believes the macro environment and tight budget conditions should help sustain demand for Progress’s attractively priced product portfolio.