ANSYS (ANSS): Management Transition Brings Opportunities - Wedbush
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Skyworks Solutions (SWKS) PT Raised to $105 at Oppenheimer Following 1Q Report
- UPDATE: Stifel Upgrades Abraxas Petroleum (AXAS) to Buy Amid Emerging Delaware Basin Potential
- Checkpoint Software (CHKP) PT Raised to $94 at Stifel Following 4Q Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Management Changes
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!