PTC price target raised to $165 from $158 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on PTC to $165 from $158 and keeps an Outperform rating on the shares ahead of its Q3 results. The firm remains bullish on the long-term thematic drivers outlined at the company’s recent investor day including the launch of Creo+, the integration and cross-sell with ServiceMax, a partnership with Ansys, and a more favorable competitive environment, the analyst tells investors in a research note.