Dassault Systèmes stock climbs 3.5%, boosted by two price target hikes
The 3D software publisher is enjoying one of the strongest trading sessions on the Paris index, in a well-oriented market. Two brokerage houses raised their price targets on Thursday, just days after the publication of third-quarter earnings.
Two price target hikes on Thursday, at €24.50 at Oddo BHF and Morgan Stanley
Dassault Systèmes stock gains 3.69% to €24.45 during the session, while the CAC 40 advances 1.07%. It is the second strongest performer on the index, behind Renault.
Two analyst ratings released on Thursday are fueling this movement: Oddo BHF raised its price target from €23.50 to €24.50 with a neutral opinion, and Morgan Stanley raised it from €22.25 to €24.50 with an equal-weight rating. Both targets are barely above the current price. They come following a third quarter that exceeded expectations, with revenue of €1.55 billion (+5% at constant exchange rates) and non-IFRS operating margin of 31.6%. The complete consensus is detailed in the analyst ratings on Dassault Systèmes.
A price of €24.45, at the threshold of the €24.69 resistance level
The stock is trading 6.77% above its 20-day moving average (€22.90) and 22.56% above its 200-day moving average (€19.95), after +16% over one month. The €24.69 resistance level is less than 1% from the current price: a close above it would push the stock out of the range in which it has been trading for several weeks.
The RSI at 67 remains below the overbought zone. Over one year, the stock is still down 2.08%. The support level at €20.49 is the nearest low point in the data.
