Piper Sandler analyst Clarke Jeffries lowered the firm’s price target on PTC (PTC) to $180 from $202 and keeps a Neutral rating on the shares. The firm notes Q2’s net new ARR result of $50M vs. guidance of $44M is sizable improvement after Q1’s number shook investor faith in the shape and linearity of the FY25 ARR build with FY25 already being a year of GTM transition expected to impair ARR growth. While macro conditions remain very uncertain, with 60% of full year free cash flow produced in the first half, Piper believes investors can take comfort in free cash flow numbers being the anchor for valuation even in the scenario of greater deterioration.
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