Bentley Systems upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Kash Rangan upgraded Bentley Systems to Buy from Neutral with a price target of $44, up from $38. The analyst states that he is more constructive on the company’s ability to navigate a more turbulent economic environment. Rangan says Bentley Systems’ "strong" year-to-date results with 15% constant-currency revenue growth, momentum in leading indicators that includes elevated engineering backlogs, and secular tailwinds such as the sweeping public infrastructure investments, accelerating digitization in civil infrastructure, and an emerging opportunity with digital twins.