Benchmark Raises Price Target on Aspen Technology (AZPN) Following Strong Q2 Results

Benchmark is reiterating its Buy rating on shares of Aspen Technology (NASDAQ: AZPN) and is raising its price target from $19 to $22.

The company reported solid Q2 results with both earnings and sales topping expectations. Management also raised its FY12 revenue and free cash flow guidance.

An analyst at Benchmark comments, "The solid F2Q12 print reinforces our long-held view that AZPN is well positioned to exploit positive fundamentals in the process manufacturing and energy sectors where the Company is highly leveraged. AZPN’s process simulation software is mission critical with its process manufacturing customers because it helps them optimize production campaigns, increase production yields safely, reduce emissions and cut energy consumption, trends that bode well for AZPN."

For FY12, the firm lowered its EPS estimate from $0.05 to ($0.14) on $239.1 million in revenues. Benchmark also forecasts EPS of $0.21 on $305 million in revenues for FY13.

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 $18.01 yesterday.

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