PTC price target lowered to $150 from $160 at Citi

Citi lowered the firm’s price target on PTC to $150 from $160 and keeps a Neutral rating on the shares. The analyst sees a “relatively mixed set-up” for both PTC and Ansys heading into the September quarter earnings. The firm slightly favors Ansys over PTC with its reseller survey suggesting a recovery in quota level achievements and next 12 month growth expectations around the historical average. Macro uncertainty is more elevated, however both companies have shown more resiliency against macro volatility, the analyst tells investors in a research note.