Aspen Technology Faces Chemical Business Headwinds: Analyst Downgrades Stock
Portfolio Pulse from Lekha Gupta
KeyBanc Capital Market analyst Jason Celino has downgraded Aspen Technology Inc (NASDAQ:AZPN) to Sector Weight from Overweight due to expected challenges in the chemicals business. The analyst predicts difficulties in achieving over 9% annual spending growth in Heritage AspenTech in Q4. The FY24 revenue outlook has been lowered to $1.154 billion from $1.174 billion. AZPN shares are currently trading lower by 1.18%.
July 26, 2023 | 6:25 pm
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Aspen Technology's stock has been downgraded by KeyBanc due to expected challenges in the chemicals business. The FY24 revenue outlook has been lowered, and the stock is currently trading lower.
The downgrade by KeyBanc is based on expected challenges in Aspen Technology's chemicals business. This negative outlook is likely to impact investor sentiment, leading to a potential decrease in the stock's price. The lowered FY24 revenue outlook further supports this negative impact.
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IMPORTANCE 80
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