Avondale analyst Michael Morosi upgraded Aspen Technology two notches to Outperform from Underperform with a $60 price target following the beat and raise Q2 report. The analyst said Aspen's platform strength has allowed management to maintain a 3-6% annual spend target despite non-renewals from small E&Cs and significant token reductions from large upstream-levered customers. Morosi said management is cautiously optimistic that the worst of the spending declines are behind the company and believes there is an opportunity to drive material revenue re-acceleration, despite the upstream spending environment.