Ansys downgraded to Underperform from Buy at BofA

BofA analyst Andrew Obin double downgraded Ansys to Underperform from Buy with a price target of $295, down from $356. The analyst has concerns around broader demand trends and U.S-China export restrictions. While China only accounts for 6% of Ansys revenue, it added one point to growth over the last two years, the analyst tells investors in a research note. The firm believes export restrictions could impact the company’s competitive positioning in the region.