PTC price target lowered to $183 from $220 at BMO Capital

BMO Capital lowered the firm’s price target on PTC (PTC) to $183 from $220 but keeps an Outperform rating on the shares. Shares are trading at a nearly decade-low free cash flow multiple, indicating that a difficult selling environment with significant skepticism on PTC’s outlook already appears to be embedded in expectations, the analyst tells investors in a research note. BMO adds that it remains supportive of the ongoing sales evolution, focus on efficiency, and product advancements, which positions the company relatively well when the macro environment stabilizes.