UPDATE: Canaccord Raises PT on ANSYS Following Analyst Day

In a report published Friday, Canaccord Genuity analyst Richard Davis reiterated a Buy rating on ANSYS ANSS, and raised the price target from $85.00 to $88.00. In the report, Davis noted, “We attended Ansys' analyst day in Pittsburgh with about 60 other buy- and sell-side analysts. The punch line remains the same: the firm has multiple vectors of growth, selling to customers at which simulation-driven design is gradually becoming the standard. Execution-wise, Ansys has one of the best track records in all of software. This is one of the primary reasons that we are comfortable keeping a BUY rating with shares trading at 22x C2014E EPS. Longer term, for ANSS to see any material multiple expansion, the company will have to deliver organic revenue growth that accelerates from today's high-single-digits, which we think is quite possible. That said, for investors looking for a high quality software name, ANSS is a sound choice, and we would certainly look to add to positions on any pull-back into the mid-$70s.” ANSYS closed on Thursday at $80.56.