Progress Software Price Targets Set at $60 and $70 Signal 71%–100% Upside
Citi analyst Fatima Boolani raised Progress Software’s price target from $54 to $60, maintaining a Buy rating with 71% upside after strong Q4 earnings and cash flow. DA Davidson cut its target from $75 to $70 with near-100% upside and cited customer demand for its AI infrastructure products as mission-critical.
1. Citi Analyst Raises Target
On January 22, Fatima Boolani lifted the price target from $54 to $60 and kept a Buy rating, citing strong fourth-quarter earnings that delivered robust cash flows.
2. DA Davidson Revises Forecast
On January 15, Lucky Schreiner trimmed his forecast from $75 to $70 while maintaining a Buy stance, reflecting confidence in near-100% upside despite valuation discipline.
3. Customer Demand Remains Strong
Schreiner’s sales check indicated customers view Progress’s AI-enabled infrastructure offerings as mission-critical, with limited interest in alternative solutions even with AI disruption concerns.
4. Product Portfolio and M&A Outlook
The company’s portfolio spans OpenEdge, Chef, Agentic RAG, MOVEit, Automate MFT, and Sitefinity, and potential M&A activity could further boost valuation catalysts.