William Blair analyst Dylan Becker has maintained their bullish stance on BSY stock, giving a Buy rating on July 30.
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Dylan Becker has given his Buy rating due to a combination of factors including Bentley Systems’ strong financial performance and favorable market conditions. The company reported impressive second-quarter results, with subscription revenue and constant-currency annual recurring revenue (ARR) both increasing by 12%, and operating margins reaching 34%, all surpassing expectations.
Becker highlights the sustained global demand for infrastructure projects, which is bolstered by positive long-term sentiment and the growth of civil project backlogs. Additionally, the industry’s engineering capacity gaps are driving a push towards digitization, with stakeholders investing more in software tools to enhance productivity. The management’s reaffirmation of its 2025 outlook, indicating durable double-digit ARR growth and margin leverage, further supports the Buy rating. Overall, the emphasis on infrastructure investment and the engineering capacity gap are expected to provide a solid foundation for continued growth in ARR and free cash flow in the coming years.
In another report released on July 30, Robert W. Baird also maintained a Buy rating on the stock with a $64.00 price target.