UPDATE: Oppenheimer Starts Bentley Systems Inc. (BSY) at Outperform
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Oppenheimer analyst Kristen Owen initiates coverage on Bentley Systems Inc. (NASDAQ: BSY) with a Outperform rating and a price target of $40.00.
The analyst comments "We are initiating coverage on Bentley Systems (BSY) with an Outperform rating and a $40 price target. A pure-play infrastructure software company, Bentley’s vertical SaaS suite spans the entire infrastructure project- and asset-lifecycle, offering a cross-functional digital thread through the design, build, operate, and maintain stages. Against the backdrop of generational global infrastructure investment, Bentley’s next phase of growth is predicated on bridging the handoff from project lifecycle to asset lifecycle through the expanded adoption of digital twin technologies. We see support for sustained organic ARR growth in the high single digits, and believe the recent pullback in SaaS valuations offers an attractive entry point."
Shares of Bentley Systems Inc. closed at $30.85 yesterday.
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