Ansys' Top Line Outperforms Expectations; We Maintain Healthy Forecast; Shares Overvalued
Ansys’ fourth-quarter results outperformed expectations on the top line, which was boosted by a better-than-expected perpetual license mix. By geography, North America, China, Taiwan, and the U.K. experienced double-digit year-over-year revenue growth. After accounting for the strong quarter and rolling our model forward, we raise Ansys’ fair value estimate to $97 per share from $91 per share and maintain our narrow economic moat rating. With the stock price soaring to unjustifiable levels, in o...
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