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Bentley Systems initiated with a Neutral at UBS

UBS initiated coverage of Bentley Systems (BSY) with a Neutral rating and $48 price target While the firm doesn’t see much downside to Street estimates and is “tactically constructive” on Bentley as a “near-term defensive play,” it also has a hard time justifying meaningful upside, which it says would require an acceleration in revenue and annual recurring revenue growth, the analyst tells investors. Bentley “isn’t completely immune to potential risks from policy changes,” the analyst added.

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