Why Pegasystems Shares Are Rocketing Today
Portfolio Pulse from Lekha Gupta
Pegasystems Inc (PEGA) shares are trading higher by around 13% after Wedbush analyst Daniel Ives upgraded the stock and raised the price target to $65 from $50. Ives believes PEGA has seen improvements in its key Cloud business and expects accelerating Pega Cloud adoption. He also thinks Appian Corporation (APPN) lawsuit-related legal issues are overblown and expects PEGA to pay significantly less than the original estimation of $2.036 billion as the settlement amount.
July 05, 2023 | 4:02 pm
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NEUTRAL IMPACT
Wedbush analyst Daniel Ives believes that the lawsuit-related legal issues of Appian Corporation (APPN) are overblown and expects PEGA to pay significantly less than the original estimation of $2.036 billion as the settlement amount.
The analyst's view that APPN's lawsuit-related issues are overblown and that PEGA will pay less than originally estimated in the settlement could potentially reduce the negative impact on APPN's stock. However, the lawsuit is still ongoing and its outcome is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Pegasystems Inc's stock has been upgraded by Wedbush analyst Daniel Ives, leading to a 13% increase in share price. The analyst sees improvements in PEGA's Cloud business and expects less impact from APPN's lawsuit.
The stock upgrade by a well-known analyst and the raised price target have led to a significant increase in PEGA's share price. The analyst's positive outlook on PEGA's Cloud business and the expectation of less impact from the APPN lawsuit also contribute to the positive impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100