PTC downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded PTC (PTC) to Neutral from Overweight with a price target of $160, down from $210. While vertical software-as-a-service industrial and construction software companies are unlikely to be directly affected by the newly proposed tariffs, the industrial and construction end markets are relatively less appealing amid trade war uncertainty, the analyst tells investors in a research note. The downgraded PTC to reflect its relative positioning amid tariff uncertainty.