PTC downgraded to Neutral from Buy at BofA

BofA analyst Andrew Obin downgraded PTC (PTC) to Neutral from Buy with a price target of $208, down from $235. Initial FY26 constant currency annual recurring revenue growth guidance of 7%-9% year-over-year was below the 9.2% consensus and the firm’s prior 10.4% forecast, the analyst noted. Given the consistent deceleration over the last four quarters across products and geographies, the firm has less conviction in a near-term acceleration in ARR growth, the analyst tells investors.