PTC price target raised to $155 from $140 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on PTC to $155 from $140 and keeps an Outperform rating on the shares ahead of its Q1 results this Wednesday. The company is looking to build on the resiliency demonstrated throughout FY22 despite the uneven macro conditions, and while headwinds to date have been limited, PTC’s constant-currency scenario-based guidance remains "best practice" for dealing with cyclical uncertainty, the analyst tells investors in a research note. SaaS expansion should be the focus of the narrative and a company-specific secular driver, the firm adds.