ANSYS (ANSS) PT Raised to $365 at Baird

Baird analyst Joe Vruwink raised the price target on ANSYS (NASDAQ: ANSS) to $365.00 (from $350.00) while maintaining a Outperform rating.

The analyst commented: "Maintain Outperform rating. 3Q24 Annual Contract Value (“ACV”) increased 18% YoY CC, beating our estimate by 5% and “consensus” by 7%. Earnings release notes double-digit percentage growth still expected in FY24, which investors doubted following 1H24 performance, but now appears well on track (i.e., 10% growth needed in 4Q24 to achieve). On YTD basis, ACV +10% YoY CC and uOCF +11% YoY, keeping in place the targeted Ansys financial framework of uOCF growth>ACV growth. We view this as a solid update against concerns on growth performance in FY24."

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Sigma Lithium resumes full operations after signing TAC agreement
• loanDepot receives NYSE non-compliance notice over stock price