Berenberg Starts Aspen Technology (AZPN) at Hold, 'An industry leader in process industries '

Berenberg analyst Nay Soe Naing initiates coverage on Aspen Technology (NASDAQ: AZPN) with a Hold rating and a price target of $210.00.

The analyst comments " We initiate coverage of AspenTech with a Hold rating and a $210 price target, implying 4% upside. We consider AspenTech the process simulation and optimisation industry leader in process manufacturing industries, and we believe it is set to benefit from sustainability-focused and data-driven digitisation trends in these industries. However, due to high exposure to energy industries, parts of AspenTech’s business will continue to be cyclical and correlated with the oil and gas industry. While we believe the reverse merger with Emerson has expanded AspenTech into markets with higher growth prospects, in our view it has also diluted its profit and cash margins, and lowered the group’s recurring revenue base."

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 $202.07 yesterday.

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