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Bentley Systems price target lowered to $54 from $63 at KeyBanc

KeyBanc lowered the firm’s price target on Bentley Systems (BSY) to $54 from $63 and keeps an Overweight rating on the shares. The firm sees upward bias for Q1 C.C. ARR toward its above-consensus estimate. KeyBanc believes infrastructure engineering spend is likely more resilient than other end markets and sees potential for Bentley reiterating 2025 C.C. ARR growth guide of 10.5%-12.5%, and provide qualitative comments on FX impact to reported results given recent currency fluctuations.

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