UPDATE: Oppenheimer Starts ANSYS (ANSS) at Outperform
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Oppenheimer analyst Ken Wong initiates coverage on ANSYS (NASDAQ: ANSS) with a Outperform rating and a price target of $285.00.
The analyst comments "We are initiating coverage of ANSYS (ANSS) with an Outperform rating and $285 price target. We are positive on ANSYS's long-term opportunity to capitalize on the "Digital Everything" economy. We believe the accelerated digital transformation brought on by the pandemic has introduced significant design complexities that should drive incremental simulation demand over the medium and long-term. We expect ANSYS to capture the lion's share, and help drive organic double-digit annual contract value growth. Management has also proven adept at growing profitably with industry-leading EBIT margins (>40%), which we see as the key justification for the premium valuation."
Shares of ANSYS closed at $257.92 yesterday.
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