UPDATE: Benchmark Company Raises PT on Aspen Technology on Multiple Positive Factors

In a report published Friday, Benchmark Company analyst Mark W. Schappel reiterated a Buy rating on Aspen Technology AZPN, and raised the price target from $35.00 to $38.00.

In the report, Benchmark Company noted, “Last night, AZPN exited fiscal 13 on a high note, delivering 13% LTCV and annual spend growth, free cash flow upside, and total revenue and non-GAAP EPS ahead of our estimates. The quarter's solid results capped a fiscal year that highlighted sound field execution, an improved competitive position, a successful business model transition and a solid upgrade to its process simulation product line that should allow the company to further solidify its industry leadership and drive revenue and earnings growth well into FY15. We believe AZPN's deal pipeline is well-positioned going into the new fiscal year and the stock has recovered nicely since the surprise retirement of CEO Mark Fusco as investors get to know and become more comfortable with incoming CEO Antonio Pietri. We are retaining our Buy rating and we are moving our price target ahead to $38 from $35.”

Aspen Technology closed on Thursday at $31.82.