Progress Software price target raised to $78 from $70 at Guggenheim

Guggenheim analyst John DiFucci raised the firm’s price target on Progress Software to $78 from $70 and keeps a Buy rating on the shares. The IT spending environment has remained consistent with recent levels, which are not bad but are about half of what they are in “normalized” periods, the analyst tells investors. Additionally, the firm believes investors have become overly optimistic of the growth in IT spending and estimates current IT spending reflects the digestion of excess spending. The firm believes Progress Software is a name that is “set up well” for the year.