PTC price target lowered to $189 from $219 at BMO Capital

BMO Capital analyst Daniel Jester lowered the firm’s price target on PTC (PTC) to $189 from $219 and keeps an Outperform rating on the shares. The company’s Q1 results were okay while the commentary regarding sizable contracted deferred annual recurring revenue provides some comfort around the typical back-half ramp to growth, the analyst tells investors in a research note. PTC’s focus on modernizing CAD, data management, and life-cycle solutions for manufacturers has durable opportunities amid broader AI worries, BMO added.