Aspen Technology (NASDAQ:AZPN) Remains One of Canaccord's Top 2011 Picks

Constant Contact (Nasdaq:CTCT) and Pegasystems (Nasdaq:PEGA), Aspen Technology (NASDAQ:AZPN) is among the top three picks of Canaccord in 2011.

Canaccord said, "Aspen’s awful accounting woes are more than a year in the rear-view mirror. We estimate that it is a business with underlying revenue and earnings growth rates of about 10% and 15%. We now believe our previous 14-15x forward multiple on $0.90-0.95 calendar 2012 FCF/share could be closer to 17-21x depending on your scenario. AZPN shares paused when buyers of the September 2010 secondary offering at $9 sold their positions. We believe that supply has been absorbed and the stock will move higher on incremental buying demand.

"Aspen remains one of our top three picks for 2011 (the others being Constant Contact (Nasdaq:CTCT) and Pegasystems (Nasdaq:PEGA)) and is a good play on the rotation to GARP thesis."

Canaccord Genuity reiterates a "Buy" rating on Aspen Technology (AZPN), which closed Thursday at $13.95, up $0.16, or 1.16 percent. Canaccord raised their price target on Aspen from $16 to $20.