Bentley Systems downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Clarke Jeffries downgraded Bentley Systems (BSY) to Neutral from Overweight with a price target of $45, down from $60. The firm sees the company’s growth trends moderating in 2026. Bentley’s organic annual recurring revenue outlook could be closer to 10% this year, the analyst tells investors in a research note. Further, Piper says Bentley is less likely to “rapidly pivot on profitability” compared to peers.