KeyBanc analyst Jason Celino downgraded Aspen Technology to Sector Weight from Overweight without a price target. The analyst says the company’s’ fiscal Q4 “will be a make-or-break quarter” and believes the bar of 10% annual contract value growth guidance for fiscal 2024 “is a difficult one to clear.” The firm reduced estimates and downgraded the shares to reflect the heightened near-term execution risk. It would look to revisit the story following a more confident path back to low double-digit to mid-teens type growth.
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