PTC price target raised to $200 from $180 at Piper Sandler

Piper Sandler raised the firm’s price target on PTC (PTC) to $200 from $180 and keeps a Neutral rating on the shares. The firm notes the company reported NNARR of $46M and raised full year ARR growth guidance to 8%-9% from 7%-9%. Shares remain up over 17% since reports began circulating in early July of a potential takeover from a competitor. With a potential deal presumed dead and now FY25 ARR on track for only a modest improvement from the proactively de-risked guidance from a quarter ago, Piper believes upside in shares from here will be limited.