Altair Engineering (ALTR) PT Raised to $40 at Needham & Company

Needham & Company raised its price target on Altair Engineering (NASDAQ: ALTR) to $40.00 (from $36.00) while maintaining a Buy rating.

Analyst Ricard Valera commented, "ALTR delivered another beat and raise in 2Q18, seeing broad-based strength across verticals and geographies. Beyond favorable macro and secular trends, the company appears to be benefiting from its investments in both sales capacity and products over the last year-plus, which are also contributing to recent revenue and billings growth. Acknowledging the shares don't look inexpensive on near-term earnings, we believe if ALTR can continue to deliver strong revenue growth and expanding margins, that shares can see upside from current levels. Maintain Buy and increase PT to $40, equivalent to an EV/sales multiple of 6.8x our C'19 estimate."

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