PTC downgraded to Neutral on sluggish demand trends at Mizuho

Mizuho downgraded PTC to Neutral from Buy with a price target of $190, down from $200. The analyst cites sluggish demand trends and the company’s slower than expected software-as-a-service transition for the downgrade. With the recent CEO change, PTC announced a re-prioritization of strategic resources, which might take time to bear fruit, the analyst tells investors in a research note. Management also recently lowered the mid-term annual recurring revenue growth target to low double digits from prior guidance of mid-teens growth, the firm points out.