Wedbush analyst Steve Koenig raised his price target for Pegasystems to $90 from $84 after the company posted another "solid" quarter. The analyst expects catalysts in the form of continued growth, operating leverage, and less revenue lumpiness as the model becomes more ratable. Also, continued execution in 2019 to could provide a catalyst for an upward rerating of Pegasystems' multiple, and free cash flow-based valuation should come into focus as investors gain visibility to cash flow acceleration in the wake of the company's model transition, he adds. Koenig reiterates an Outperform rating on the shares.

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