Oppenheimer raised the firm’s price target on Bentley Systems (BSY) to $65 from $59 and keeps an Outperform rating on the shares. The firm notes the company delivered another steady performance, beating Q2 estimates and well on pace to deliver FY25 guidance. Stable fundamental conditions and momentum in the tone of business were overshadowed by ARR growth math as Bentley comps its 2024 acquisitions and chunkier Asset Analytics contracts, implying a sequential step-down in ARR growth in Q3 to about 10.5%, Oppenheimer adds.
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