PTC price target raised to $150 from $144 at Barclays

Barclays analyst Saket Kalia raised the firm’s price target on PTC to $150 from $144 and keeps an Overweight rating on the shares. The company beat fiscal Q1 net new annual recurring revenue estimates and the fiscal 2023 outlook leaves room for upside, the analyst tells investors in a research note. Furthermore, levers like currency and interest expense could support free cash flow into fiscal 2024, contends the firm.