Benchmark analyst Mark Schappel reiterated a Buy rating on Progress Software following the company's Q3 report, noting that both revenue and non-GAAP EPS beat his estimates due to Ipswitch outperformance and some deals that closed sooner than expected. He blames "the appearance of a revenue miss from an erroneous news report" and Q4 guidance that was below consensus for the 15% after-hours selloff, which he views as overdone and a surprise considering the company raised full year expectations and guided to a 100-200bps margin expansion in FY20. He likes Progress because of the stability of the core business and the company's M&A approach and would use the weakness to buy shares at the open, Schappel tells investors.