Altair Engineering price target raised to $70 from $60 at Loop Capital

Loop Capital analyst Mark Schappel raised the firm’s price target on Altair Engineering to $70 from $60 and keeps a Buy rating on the shares after its Q4 earnings beat and guidance. The company’s Q4 result highlighting a continuation of several trends in place, namely that the core demand equation for engineering simulation software remains intact driven by increasing use by mainstream engineers and greater adoption by non-technical users that the firm’s convergence strategy uniting engineering simulation, HPC, and analytics continues to gain momentum in the marketplace, the analyst tells investors in a research note.