PTC price target raised to $190 from $170 at Oppenheimer

Oppenheimer raised the firm’s price target on PTC (PTC) to $190 from $170 on higher market multiples, while keeping an Outperform rating on the shares. The firm caught up with PTC to discuss GTM changes, pace of investments, and AI. We came away feeling that guidance appropriately reflects the current macro climate. Oppenheimer expects management to maintain a cautious stance until there is clarity in the trade environment given PTC’s customer end-markets. Churn remains low but has ticked up slightly. Pricing realization has historically trailed industry benchmarks but could see refinement exiting the GTM transition, the firm says. Oppenheimer still feels confident in PTC’s ability to drive GTM productivity improvements.