Canaccord Genuity Lifts Target on Aspen Technology (AZPN) Following Strong Q3

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Canaccord Genuity raised their price target on Aspen Technology (NASDAQ: AZPN) from $28 to $32 following what they called an "excellent quarter."

The analyst comments: "Aspen produced another excellent quarter as LTCV growth accelerated into the mid-teens and FCF blew away consensus. This kind of predictably solid execution is becoming the standard for AZPN and investors are taking notice. As a result, we believe the stock is steadily inching towards a sustainable 20x forward FCF multiple, which if we are correct, would drive the shares into the low-$30s over the next 12 months."

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 $26.90 yesterday, with a 52 week range of $15.81-$27.10.

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