JPMorgan initiated coverage of Altair Engineering with an Overweight rating and $86 price target. Driven by above average top line growth from growing share in the simulation and analysis market through differentiated capabilities in high performance computing, or HPC, and data analytics/AI, the firm sees Altair generating “best-in-class” free cash flow growth of about 20% in the years ahead, the analyst tells investors. The firm also sees above average operating leverage as the business scales to a more normalized level of margins, the analyst added.
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