Bentley Systems price target lowered to $53 from $62 at Rosenblatt

Rosenblatt lowered the firm’s price target on Bentley Systems (BSY) to $53 from $62 and keeps a Buy rating on the shares. The firm expects an inline Q1 report as near-term infrastructure spend continues. The analyst sees Bentley posting 10% revenue growth, driven by steadily increasing tooling demand in the U.S. infrastructure market, customer up-sell to the E365 subscription program, and new customers adopting Virtuosity in the small business market segment. Rosenblatt cites macro changes in the outlook and lowered comparable multiples for the target cut.