Progress Software price target raised to $70 from $66 at Oppenheimer

Oppenheimer analyst Ittai Kidron raised the firm’s price target on Progress Software to $70 from $66 and keeps an Outperform rating on the shares. The firm notes Progress delivered a solid Q3, beating estimates behind broad-based demand for its product portfolio and strong profitability. Positively, Progress continues to see minimal disruption from the MOVEit breach, and the company was recently cleared of wrongdoing by the SEC. As Progress continues to move past the breach with limited disruption, Oppenheimer expects the overhang on the stock to dissipate. On the M&A front, management expressed confidence in the ability to integrate ShareFile and increase operating margins to 40%+. Overall, the firm remains positive on the story and believes management has shown the ability to deliver steady top-line outperformance with strong profitability.