Benchmark Raises Price Target on Aspen Technology (AZPN) Following Investor Meeting
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Price: $29.79 -0.2%
Rating Summary:
8 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
8 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade AZPN Now!
Benchmark is reiterating its Buy rating on shares of Aspen Technology (NASDAQ: AZPN) and is raising its price target from $22 to $25 following a investor meeting with the company's CEO Mark Fusco.
During the meeting, Mr. Fusco didn't release any new financial details, but did update investors on the company's corporate strategy, competitive landscape and the overall tone of business. The firm notes the recent strong trends should continue.
An analyst at Benchmark comments, "Mark noted that early customer usage patterns under the new commercial model suggest that AZPN is on the right track strategically and that the sales force realignment is correctly positioning the Company for future growth, particularly with a growth-oriented commission plan that rewards reps to drive growth, rather than just rewarding reps for renewing existing customers’ term deals before they expire."
For Q3 and FY12, the firm forecasts EPS of ($0.05) and ($0.14). Benchmark also estimates FY13 EPS of $0.21 on $305 million in revenues.
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 $21.44 yesterday, with a 52 week range of $12.61-$21.47.
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During the meeting, Mr. Fusco didn't release any new financial details, but did update investors on the company's corporate strategy, competitive landscape and the overall tone of business. The firm notes the recent strong trends should continue.
An analyst at Benchmark comments, "Mark noted that early customer usage patterns under the new commercial model suggest that AZPN is on the right track strategically and that the sales force realignment is correctly positioning the Company for future growth, particularly with a growth-oriented commission plan that rewards reps to drive growth, rather than just rewarding reps for renewing existing customers’ term deals before they expire."
For Q3 and FY12, the firm forecasts EPS of ($0.05) and ($0.14). Benchmark also estimates FY13 EPS of $0.21 on $305 million in revenues.
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 $21.44 yesterday, with a 52 week range of $12.61-$21.47.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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