Citi upbeat about Australia's Altium as software monetisation begins

Altium

31/01/2024 04:35

** Analysts at Citi are positive about Australia's Altium
 ALU.AX  monetising its electronics development platform Altium
365 (A365)
    ** Adds, A365 expands ALU’s total addressable market into
the enterprise segment 
    ** "We see monetisation of the current Altium Designer user
base as a large opportunity given there are three shared users
for each active subscription" - Citi
    ** Brokerage upgrades stock to "buy," raises price target by
21% to A$56.60
    ** However, ALU shares fall as much as 2.21% to A$48.26,
logging their biggest intraday fall in a week    
    ** Eight of 15 analysts rate the stock "buy" or higher, five
"hold" and two "sell" ; their median PT is A$48.39– LSEG data
    ** Stock rose 33.5% last year



 (Reporting by Aaditya Govind Rao)
 ((Aaditya.govindrao@thomsonreuters.com;))