The firm lowered the price target to $78 from $95 for the engineering simulation software developer.
Benchmark also cut annual EPS ratings to $3.32 from $3.36 for fiscal 2014, to $3.59 from $3.63 for fiscal 2015, and to $3.82 from $3.91 for fiscal 2016.
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The firm said it lowered Ansys' rating following a softer than expected fiscal third quarter earnings release and because the company is seeing lower sales.
"While we don't expect the stock to fall much below the current range, we also don't see much appreciation potential until the company accelerates license growth consistently to the low double digit range," said Benchmark analyst Mark W. Schappel.
Shares of Ansys are up 1.22% to $78.00 in early afternoon trading.
Separately, TheStreet Ratings team rates ANSYS INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANSYS INC (ANSS) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."