Progress Software price target raised to $70 from $64 at Guggenheim

Guggenheim raised the firm’s price target on Progress Software to $70 from $64 and keeps a Buy rating on the shares after Progress exceeded Q3 consensus expectations and raised implied Q4 estimates excluding effects from the anticipated ShareFile acquisition. The “unique opportunity here” is to increase the margin and ultimately free cash flow at a greater scale and although “nothing is a given and there’s always risk in such endeavors,” if history is a gauge, “we like the potential here,” the analyst tells investors in a post-earnings note.