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Bentley Systems Poised For 'Slight Upside' Amid Improving Industrial Data, Conservative Outlook, RBC Says

05/10/2021 08:07

11:52 AM EDT, 05/10/2021 (MT Newswires) -- Bentley Systems (BSY) is projected to post a "slight upside" to Q1 estimates given improving industrial data and the company's conservative outlook, RBC Capital Markets said in a note on Friday.

"Overall, we are bullish on the [long-term] opportunity around Bentley's expanding software stack, with drivers including increased global infrastructure spending, expansion in Asia and the digital twin opportunity," RBC analysts said in the note.

Bentley Systems is expected to release its Q1 results on Tuesday.

The analysts expect annual recurring revenue of $743 million and consensus revenue of $215 million. The company guided 8% to 10% growth in annual recurring revenue, and midpoint revenue of $909 million.

"We continue to like the long-term opportunity around infrastructure software and remain bullish on the company's ability to execute against it," the analysts said.

RBC reiterated its outperform rating on the stock, with a price target of $52.

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