Price Targets on (PEGA) (HTHT) (PETD) (M) (PNM) Updated

Price targets on shares of Pegasystems Inc. (NASDAQ: PEGA), China Lodging Group (NASDAQ: HTHT), Petroleum Development Co. (NASDAQ: PETD), Macy’s (NYSE: M) and PNM Resources, Inc. (NYSE: PNM) updated by analysts.

Dougherty & Co. raised their price target on Pegasystems Inc. (PEGA) from $34.00 to $42.00. They have a “neutral” rating on the company.

BMC Equities Research analysts raised their price target on shares of China Lodging Group (HTHT) from $22.00 to $26.00. They have a “buy” rating on the company.

Bank of America (NYSE:BAC) cut their price target on Petroleum Development Co. (PETD) from $48.00 to $41.00. They have a “buy” rating on the company.

Citigroup (NYSE:C) raised their price target on Macy’s (M) from $32.00 to $44.00. They have a “buy” rating on the company.

Ladenburg Thalmann raised their price target on PNM Resources, Inc. (PNM) from $15.00 to $16.50. They have a “neutral” rating on the company.

Price Targets on (PEGA) (HTHT) (PETD) (M) (PNM) Updated

Price targets on shares of Pegasystems Inc. (NASDAQ: PEGA), China Lodging Group (NASDAQ: HTHT), Petroleum Development Co. (NASDAQ: PETD), Macy’s (NYSE: M) and PNM Resources, Inc. (NYSE: PNM) updated by analysts.

Dougherty & Co. raised their price target on Pegasystems Inc. (PEGA) from $34.00 to $42.00. They have a “neutral” rating on the company.

BMC Equities Research analysts raised their price target on shares of China Lodging Group (HTHT) from $22.00 to $26.00. They have a “buy” rating on the company.

Bank of America (NYSE:BAC) cut their price target on Petroleum Development Co. (PETD) from $48.00 to $41.00. They have a “buy” rating on the company.

Citigroup (NYSE:C) raised their price target on Macy’s (M) from $32.00 to $44.00. They have a “buy” rating on the company.

Ladenburg Thalmann raised their price target on PNM Resources, Inc. (PNM) from $15.00 to $16.50. They have a “neutral” rating on the company.

Aspen Technology (NASDAQ:AZPN) Remains One of Canaccord's Top 2011 Picks

Constant Contact (Nasdaq:CTCT) and Pegasystems (Nasdaq:PEGA), Aspen Technology (NASDAQ:AZPN) is among the top three picks of Canaccord in 2011.

Canaccord said, "Aspen’s awful accounting woes are more than a year in the rear-view mirror. We estimate that it is a business with underlying revenue and earnings growth rates of about 10% and 15%. We now believe our previous 14-15x forward multiple on $0.90-0.95 calendar 2012 FCF/share could be closer to 17-21x depending on your scenario. AZPN shares paused when buyers of the September 2010 secondary offering at $9 sold their positions. We believe that supply has been absorbed and the stock will move higher on incremental buying demand.

"Aspen remains one of our top three picks for 2011 (the others being Constant Contact (Nasdaq:CTCT) and Pegasystems (Nasdaq:PEGA)) and is a good play on the rotation to GARP thesis."

Canaccord Genuity reiterates a "Buy" rating on Aspen Technology (AZPN), which closed Thursday at $13.95, up $0.16, or 1.16 percent. Canaccord raised their price target on Aspen from $16 to $20.

Cisco (Nasdaq:CSCO), Juniper (Nasdaq:JNPR), NetApp (Nasdaq:NTAP), QUALCOMM (Nasdaq:QCOM), Apple (Nasdaq:AAPL) Among Tech Top Picks for Canaccord

Canaccord Genuity remains bullish on most segments of the tech segment going into 2011, and among their many top picks are Cisco (Nasdaq:CSCO), Juniper (Nasdaq:JNPR), NetApp (Nasdaq:NTAP), QUALCOMM (Nasdaq:QCOM) and Apple (Nasdaq:AAPL).

"We remain positively disposed across most of technology. Sustainability of the 2010 momentum trade comes into greater question however, leaving stock picks gravitating to product cycles and GARP – particularly into stiffening first half comparables. Wireless, cloud infrastructure (SaaS) and New Media are expected to be sources of the most attractive secular growth, helping shape downstream opportunities in communications," said Canaccord.

Other 2011 stock picks include Smith Micro (Nasdaq:SMSI), Sierra Wireless (Nasdaq:SWIR), GeoEye (Nasdaq:GEOY), Constant Contact (Nasdaq:CTCT), Pegasystems (Nasdaaq:PEGA,) DigitalGlobe (Nasdaq:DGI), TeleNav (Nasdaq:TNAV), Trimble (Nasdaq:TRMB), Real Networks (Nasdaq:RNWK), Rovi (NYSE:ROVI), Atmel (Nasdaq:ATML), Atheros (Nasdaq:ATHR), Intersil (Nasdaq:ISIL) and (Nasdaq:NVDA)

Cisco was trading at $19.58, down $0.04, or 0.20 percent, as of 12:16 PM EST. Juniper was at $37.23, up $0.24, or 0.65 percent. NetApp was at $55.36, up $0.01, or 0.02 percent. QUALCOMM was trading at $49.85, up $0.41, or 0.83 percent. Apple was at $323.78, up $1.57, or 0.49 percent.