Benchmark Maintains PRGS Buy Rating

Benchmark has reported that it will maintain a Buy Rating on Progress Software Corporation PRGS following the release of the first quarter earnings results. According to Benchmark, "Last night after the market close, PRGS delivered total revenue of $134.2 million in its seasonally weakest quarter that was spot on with our estimate but $3 million below the consensus. Total revenue grew at an annual rate of 5% even though currency clipped 1% from the top line. Although EPS of $0.43 met our estimate, which equaled the consensus, it was aided by a lower tax rate." PRGS has a $31.00 Price Target and closed at $29.93 yesterday.