Shares of Bentley Systems, Inc. (BSY) tumbled 5.03% in Thursday's trading session, despite several analysts raising their price targets for the infrastructure engineering software company. The sharp decline came as Rosenblatt Securities downgraded the stock from Buy to Neutral, overshadowing the positive sentiment from other firms.
The conflicting analyst actions created a mixed signal for investors. While Rosenblatt Securities raised its target price to $58 from $53, the downgrade to Neutral appeared to weigh heavily on investor sentiment. This move by Rosenblatt suggests that the firm believes Bentley Systems' stock may be fully valued at current levels, despite its positive outlook.
Meanwhile, other analysts maintained their bullish stance on Bentley Systems. Oppenheimer raised its target price to $65 from $59, maintaining an Outperform rating. UBS and Mizuho also increased their price targets to $60 and $62, respectively. However, these positive revisions failed to prevent the stock's significant intraday decline, highlighting the impact of Rosenblatt's downgrade on market sentiment.
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