Progress Software (PRGS) PT Lowered to $40 at DA Davidson on Peer Multiple Compression

DA Davidson analyst Lucky Schreiner lowered the price target on Progress Software (NASDAQ: PRGS) to $40.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "Progress reported a good start to FY26 with numbers coming in better than expected across the board in spite of an isolated customer churn. SaaS revenues on a normalized basis have remained healthy and overall business trends are positive around both net new customer growth and expansions...We have updated our estimates in-line with guidance. Despite the one-time churn, broad business trends remain stable. Regardless, PRGS currently trades at 4.6x our CY2026 EPS. We continue to believe significant downside is priced into the stock at these levels and reiterate our BUY rating. Given peer multiple compression, we lower our price target to $40, from $50, based on ~7x our CY26 EPS estimate."

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