Aspen Technology (AZPN) Shares Should Rise 15-20% This Year - Canaccord Genuity

January 30, 2013 10:06 AM EST
Get Alerts AZPN Hot Sheet
Price: $55.53 +0.67%

Rating Summary:
    8 Buy, 2 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Canaccord Genuity boosted its price target on Buy-rated Aspen Technology (NASDAQ: AZPN) from $32 to $34 following Q2 results and outlook.

The firm comments, "While Aspen’s revenue model transition is about 60% complete, investor attitudes have jumped forward to the admiration phase – and that means a
multiple that is in line with other quality subscription, private cloud business models. While it seems unlikely to expect AZPN’s multiple to expand meaningfully, there is no question in our view that that this is a best-in-class firm selling into an industry that, broadly speaking at least, is seeing meaningfully better fundamentals. In software, if your customers are prospering, you generally do as well. In this scenario, we expect AZPN shares to advance at least 15-20% in calendar 2013."

For an analyst ratings summary and ratings history on Aspen Technology click here. For more ratings news on Aspen Technology click here.

Shares of Aspen Technology closed at $28.49 yesterday.

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