Needham initiates coverage on Altair Engineering with 'buy'

Altair Engineering

16/11/2022 19:01

** Brokerage firm Needham initiates coverage for Altair
Engineering Inc  ALTR.O  with "buy" rating, sets PT at $60
    ** Brokerage says data analytics software provider's core
simulation business, including R&D across automotive, aerospace,
financial services and other sectors will help Altair prove
resilient in a recessionary macroeconomic environment 
    ** Brokerage estimates co's EBITDA margin to grow more than
20% by 2024
    ** However, Needham also expects some weakness in co's
automotive segment
    ** Stock is down 1.3% at $49.4, in line with broader market
decline  .N 
    ** Seven of ten brokerages rate the stock "buy" or higher,
two "hold" and one "sell"; median PT is $60 - Refinitiv data
    ** Stock down 35.8% YTD
 (Reporting by Shristi  Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))