Aspen Technology upgraded to Outperform from Neutral at Baird

Baird analyst Rob Oliver upgraded Aspen Technology to Outperform from Neutral with a price target of $202, up from $194. With the stock down 28% since the fiscal Q3 results in March and the valuation at low end of the historical range, the share price discounts concerns around the achievability of Aspen’s fiscal 2024 annual contract value guide and EMR integration, the analyst tells investors in a research note. The firm came away from a recent management meeting incrementally positive on the fiscal 2024 outlook for the EMR businesses and cross-sell.