Wedbush analyst Steve Koenig added Pegasystems to his firm's Best Ideas List and raised his price target on the shares to $84 from $80. The analyst notes that the company's Q4 represented a 5th consecutive quarter of "strong results," as Pegasystems capitalizes on digital transformation initiatives in large enterprises. Pegasystems' sharp shift to the cloud looks to be "on increasingly solid footing," which should drive double-digit revenue growth and free cash flow acceleration beginning in FY20, he contends. Koenig reiterates an Outperform rating on the shares.

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