Oppenheimer Downgrades ANSYS Inc. To Perform

Oppenheimer has published a research report on ANSYS, Inc. (NASDAQ: ANSS) and has downgraded the company to Perform.

In the report, Oppenheimer writes "We are downgrading ANSYS to Perform from Outperform and removing our $51 price target, as the shares have surpassed our target and we no longer find the risk/reward favorable. While we believe revenue is poised to reaccelerate and the chances of upward earnings revisions are possible as ANSS is a later cycle company beginning to garner the benefits of the recovery, we feel at current levels much of the good news is already priced in. Additionally, with limited margin expansion on the horizon, we don't anticipate material multiple expansion N-T. That said, we believe ANSS is a well-run organization with rock-solid fundamentals and would look to get more constructive on the name in the high $40s."

Oppenheimer has removed its price target on ANSYS, Inc., which was formerly at $51.

ANSYS, Inc. closed Friday at $54.96.