UPDATE: Goldman Sachs Starts Altair Engineering (ALTR) at Buy

Goldman Sachs analyst Brian Essex initiates coverage on Altair Engineering (NASDAQ: ALTR) with a Buy rating, PT $69.00.

The analyst comments "Our thesis is that Altair is well positioned to capitalize on multiple secular themes including increased digitization of product and design manufacturing and the convergence of simulation, high performance computing (HPC), AI, and data analytics in the PLM market. As manufacturing and design companies continue to look for greater productivity and efficiency in competitive markets, we anticipate customer demand to remain strong as Altair continues to expand attach rates within its installed base. Furthermore, with macro and demand improvement, we see potential for upside to current estimates for FY21 revenue growth of 9% and FY22 revenue growth of 10.5%. That said, with the stock trading at 10.2x and 9.2x our FY21 and FY22 sales estimates, we view the risk/reward as balanced at current levels."

For an analyst ratings summary and ratings history on Altair Engineering click here. For more ratings news on Altair Engineering click here.

Shares of Altair Engineering closed at $63.48 yesterday.

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