PTC price target lowered to $170 from $210 at Oppenheimer

Oppenheimer lowered the firm’s price target on PTC (PTC) to $170 from $210 on lower estimates and market multiples, while keeping an Outperform rating on the shares. The set-up looks mildly attractive with expectations likely to account for potential cuts to an already cautious outlook, the firm says. ARR outlook doesn’t incorporate potential GTM improvements and PTC remains confident in free cash flow, which should only be helped by FX.