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Progress Software Reports 'Solid' Q2 Results, Oppenheimer Says

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Progress Software (PRGS) posted "solid" Q2 results, with top-line strength and some large deal pull-forward flowing through

to the bottom line on good expense discipline, Oppenheimer said in a Tuesday note.

"The core business remains steady, evidenced by a tick-up in net-retention and growing list of AI-enable products experiencing strong customer traction," the report said.

The note also said its AI investment is deepening platform stickiness, while debt paydown remains in the firm's focus but with incremental mix shift favoring buybacks.

Mergers and acquisition activity remains constrained due to gap in public-private valuations, but the company remains optimistic on finding next deal, the note added.

Oppenheimer kept its outperform rating while lowering its price target to $50 from $57 to reflect industry multiple compression.

Price: $39.12, Change: $+5.54, Percent Change: +16.50%

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