PTC price target lowered to $200 from $240 at Oppenheimer

Oppenheimer lowered the firm’s price target on PTC (PTC) to $200 from $240 and keeps an Outperform rating on the shares as part of a Q4 preview. The firm cites lower software multiples for the target cut and notes that investment sentiment on the shares is negative. It sees an attractive setup for PTC, saying negative sentiment is likely overlooking the company’s go-to-market “green shoots,” improved visibility from backlog, and pricing as potential catalysts.