PTC price target lowered to $140 from $147 at Citi

Citi analyst Tyler Radke lowered the firm’s price target on PTC to $140 from $147 and keeps a Neutral rating on the shares. The analyst sees a "mixed set-up" for the company heading into the Q1 report, with Citi’s reseller survey showing moderating full year growth expectations amid a weak macro backdrop. The firm slightly favors Ansys over PTC with a higher survey score and less seat-based model risk which it thinks can provide more relative resiliency.