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Fly News Breaks for July 17, 2019
PRGS
Jul 17, 2019 | 07:28 EDT
As previously reported, Benchmark analyst Mark Schappel upgraded Progress Software to Buy from Hold with a $49 price target following management meetings that left him with the belief that the narrative is shifting to one where the company uses its cash-flow rich legacy businesses to make acquisitions of sub-scale infrastructure software vendors it can build on to drive revenue growth, operating margin leverage and additional cash generation. Such an M&A strategy, if executed appropriately, should "power the stock for some time," Schappel contends.
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