William Blair analyst Dylan Becker has reiterated their bullish stance on BSY stock, giving a Buy rating on February 24.
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Dylan Becker has given his Buy rating due to a combination of factors tied to Bentley Systems’ recent performance and outlook. The company delivered robust fourth‑quarter results, with subscription revenue and ARR growing at low‑teens rates on a constant‑currency basis, underpinned by record infrastructure backlogs and rising adoption of its software to address capacity constraints.
Looking ahead, management’s initial 2026 guidance calls for similar low‑teens growth across total revenue, subscriptions, and ARR, alongside further operating margin expansion, reinforcing a durable Rule‑of‑40‑plus profile. Despite broader concerns about AI‑driven disruption in software, Becker views Bentley’s differentiated design platform, healthy infrastructure demand, and projected mid‑teens cash flow growth as not fully reflected in the current valuation at roughly 21x his 2026 cash flow estimate, justifying a Buy recommendation.
In another report released on February 24, Rosenblatt Securities also maintained a Buy rating on the stock with a $50.00 price target.