Bentley Systems is expected to continue performing well as demand for civil engineering services bucks broader trends, Goldman Sachs says. Analyst Kash Rangan upgraded the stock to buy from neutral and upped his price target to $44, which implies an upside of 27.8% from Wednesday's close. He said Bentley is poised to outperform even in a "more turbulent economic environment.
He also said the company is able to consistently increase operating margins due to business expansion. He said leading indicators show a "strong new business environment." The stock will also be helped by secular tailwinds such as public infrastructure investments, increasing digitization of civil infrastructure and the growing need for virtual models of physical structures, typically called "digital twins.
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