Cantor Fitzgerald Starts Bentley Systems Inc. (BSY) at Overweight
Cantor Fitzgerald analyst Mason Marion initiates coverage on Bentley Systems Inc. (NASDAQ: BSY) with a Overweight rating and a price target of $37.00.
The analyst comments: “BSY is a global provider of infrastructure engineering software used by professionals to design, build, and operate large assets like roadways, bridges, and power grids. This is a high-quality business, as evidenced by its consistently strong gross and net retention rates of ~99% and ~110%, respectively. The mission-critical nature of its solutions and switching costs grant BSY pricing power (several pts per year), and its extensive portfolio generates ample cross-selling opportunities into its base (another few pts). BSY is poised to benefit from several macro upcycles and is expanding down-market, providing durable drivers to power double-digit growth for the foreseeable future while generating excellent (and expanding) operating and FCF margins.”
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Shares of Bentley Systems Inc. closed at $30.97 yesterday.