Bentley Systems price target lowered to $60 from $63 at Piper Sandler

Piper Sandler analyst Clarke Jeffries lowered the firm’s price target on Bentley Systems (BSY) to $60 from $63 and keeps an Overweight rating on the shares. The firm notes Bentley Systems reported solid Q3 results with 10.5% constant currency ARR growth and 16% growth in adjusted operating income less SBC. Q3 was anticipated to be the low point of ARR growth during 2025, so attention now shifts to the Q4 renewal cohort to see how Bentley’s track record of highly reliable double-digit ARR compounding flows into 2026, Piper adds.