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Investing.com - BNP Paribas Exane downgraded Nemetschek (ETR:NEM) from Outperform to Neutral and lowered its price target to EUR120.00 from EUR130.00.
The research firm cited that peak benefits from Nemetschek’s cloud transition have already been realized, while macroeconomic tailwinds have driven a more than 25% re-rating year-to-date, capturing much of the near-term upside potential.
BNP Paribas Exane noted that consensus upgrades for Nemetschek have stalled despite positive factors including construction market inflection and domestic government stimulus in Germany.
The firm applied its BNPP AI Defensiveness framework to evaluate Nemetschek, finding that the company screens relatively well, particularly in its Design segment compared to its Build segment.
In the European software sector ranking, BNP Paribas Exane placed Nemetschek third out of nine companies, behind Dassault Systèmes and SAP, with key debates ahead centered on cloud transition, GenAI risk versus reward, construction cycle, and the German stimulus package.
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