Piper Sandler raised the firm’s price target on Bentley Systems (BSY) to $63 from $57 and keeps an Overweight rating on the shares. The firm notes Bentley Systems reported another set of solid results with 11.5% constant currency ARR growth and 10% growth in adjusted operating income less SBC. Bentley is proving to be a highly reliable compounder with 16 consecutive quarters of 11%-plus constant currency ARR growth, including FY25 which is forecasted to grow 11.5% at the midpoint. With a demand backdrop that continues to be healthy supported by strong civil construction spending, Piper believes Bentley is well positioned to continue to deliver double digit compounding on the ARR line.
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