The U.S.-based enterprise software firm has already seen its stock price surge by over 50% year-to-date.
Citi has named Pegasystems one of its new top picks, citing an "underappreciated" artificial intelligence story and attractive valuation. The Wall Street bank has set a target price of $92 for Pegasystems, representing a potential 25% upside from its current trading price of around $73.50.
line The Massachusetts-based company received favorable news in its ongoing legal battle with competitor Appian Corporation earlier this year. The Virginia Court of Appeals partially reversed a $2 billion verdict against Pegasystems, which had been a significant overhang on the stock. Appian accused the company of stealing trade secrets. Citi analysts view this development as a catalyst for the stock to rise.
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