ANSYS (ANSS): Management Transition Brings Opportunities - Wedbush
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Wedbush analyst, Steve Koenig, reiteated his Neutral rating on shares of ANSYS (NASDAQ: ANSS) after ANSYS announced a leadership succession plan. James Cashman, CEO since 2000, will become Chairman effective January 1st, 2017. Dr. Ajei Gopal, a member of the Board of Directors since 2011, has been appointed President and Chief Operating officer, effective immediately. On January 1 st 2017, Dr. Gopal will replace Mr. Cashman as the CEO while Ronald W. Hovsepian, the current Chairman of the Board, will assume the role of Lead Independent Director as part of the transition.
The analyst stated "The transition carries both risks and potential benefits. Dr. Gopal could bring some fresh thinking to key imperatives for ANSS, such as gaining traction in the cloud (which we view as ideal for engineering simulation, at least from a technical perspective). However, Mr. Cashman’s long and successful track record with ANSS – which won the #1 spot in the engineering simulation market under his leadership — means that it probably won’t be easy to replace him."
No change to the price target of $88.
Shares of ANSYS closed at $98.50 yesterday.
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