UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Aspen Technology

In a report published Wednesday, Canaccord Genuity reiterated its Buy rating on Aspen Technology AZPN, and raised its price target from $32.00 to $34.00. Canaccord Genuity noted, “While Aspen's revenue model transition is about 60% complete, investor attitudes have jumped forward to the admiration phase – and that means a multiple that is in line with other quality subscription, private cloud business models. While it seems unlikely to expect AZPN's multiple to expand meaningfully, there is no question in our view that that this is a best-in-class firm selling into an industry that, broadly speaking at least, is seeing meaningfully better fundamentals. In software, if your customers are prospering, you generally do as well. In this scenario, we expect AZPN shares to advance at least 15-20% in calendar 2013. Reiterate BUY.” Aspen Technology closed on Tuesday at $28.49.