Altair Engineering price target raised to $70 from $60 at Needham

Needham analyst Charles Shi raised the firm’s price target on Altair Engineering to $70 from $60 and keeps a Buy rating on the shares. The company’s Q4 results topped expectations, while its "strong" outlook for 2023 reflects the stock’s story of a resilient business model, the analyst tells investors in a research note. The firm added that Altair sees adjusted EBITDA margin exceeding 20% on a full-year basis and forecasts operating and free cash flows to triple in 2023, which should drive multiple expansion for the stock.