JPMorgan analyst Alexei Gogolev downgraded PTC (PTC) to Underweight from Neutral with a price target of $162, down from $205. The firm adjusted ratings in the industrial software space, citing a shift in a conviction driven by “diverging fundamentals” within the vertical software-as-service landscape. PTC’s divestment of non-core assets and focus on legacy businesses reduces its growth optionality and exposes the company to disruption as customers reassess their software needs, the analyst tells investors in a research note.
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