Information Provided By:
Fly News Breaks for September 11, 2019
ANSS
Sep 11, 2019 | 06:13 EDT
JPMorgan analyst Jackson Ader assumed coverage of Ansys and upgraded the shares to Neutral from Underweight with a price target of $228, raised from $190. The analyst sees Ansys as the most defensive name in the cyclical Simulation and Optimization Software sector, with its "industry diversity" and a 40%-plus margin profile "providing flexibility in a down market." However, the shares are currently trading at 35 times estimated 2020 free cash flow, "well beyond" the industry average of 22 times over the last 10 years, Ader tells investors in a research note.