Pegasystems stock rises after Wedbush upgrade to outperform

Pegasystems Inc. (PEGA) stock is up 4.4% in premarket trades Wednesday after Wedbush upgraded the business software company to outperform from neutral and raised its price target to $65 a share from $50. Analyst Daniel Ives said the upgrade reflects "incrementally better field checks and an under-the-radar artificial intelligence (AI) story that is now starting to form." Worries about a lawsuit between Pegasystems and Appian "are overblown with much bad news reflected in the stock at current levels." Ives said a $2.04 billion judgement against Pegasystems in a legal dispute with Appian has mostly been baked into Pegasystems stock. "Pega will have to likely pay a small settlement at the end of the day that is significantly less than the original judgement....ending the nightmare this lawsuit has caused," Ives said.

-Steve Gelsi

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07-05-23 0807ET

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